Housing Prices in Tokyo: A Comparison of Hedonic and Repeat Sales Measures

摘要: Summary Do indexes of house prices behave differently depending on the estimation method? If so, to what extent? To address these questions, we use a unique dataset that compiled from in dividual listings widely circulated real estate advertisement magazine. The contains more than 470,000 housing between 1986 and 2008, including period bubble its burst. We find there exists substantial discrepancy terms turning points hedonic repeat sales indexes, even though index is adjusted for structural changes way Case Shiller suggested. Specifically, measure signals later measure: example, condominium bottomed out at begin ning 2002, while corresponding exhibits reversal only spring 2004. This cannot be fully removed if adjust depreciation.