Houses are traded at relatively infrequent times and can hardly be standardized: two equally built and furnished houses may command widely different prices in the market on account of their different location or even orientation. Clearly, the computation of an index such as Laspeyres' cannot be...

This article presents an analysis of five available house price indices that are used to track house prices at the metropolitan area level. These five indices are (1) the Federal Housing Finance Agency (FHFA) House Price Index (HPI), (2) the Standard & Poor’s/Case-Shiller® Home Price Indices,...