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Do Values of Existing Home Sales Reflect Property Values?

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Author Info
Gregory W. Huffman () (Department of Economics, Vanderbilt University)

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Abstract

In many locales, the average price of existing home sales is used as an of indicator home prices. This information is then used to establish the value of the property for tax purposes. A simple example is presented here to show that this approach can be very misleading. In this example, the average price of existing home sales is always rising at the rate of growth of the economy, and yet the price each home remains constant.

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File URL: http://www.vanderbilt.edu/Econ/wparchive/workpaper/vu01-w22.pdf
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File Function: First version
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Publisher Info
Paper provided by Department of Economics, Vanderbilt University in its series Working Papers with number 0122.

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Date of creation: Sep 2001
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Handle: RePEc:van:wpaper:0122

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Web page: http://sitemason.vanderbilt.edu/econ/
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Related research
Keywords: Asset pricing; home prices; transaction volume;

Find related papers by JEL classification:
G12 - Financial Economics - - General Financial Markets - - - Asset Pricing
R21 - Urban, Rural, and Regional Economics - - Household Analysis - - - Housing Demand
R51 - Urban, Rural, and Regional Economics - - Regional Government Analysis - - - Finance in Urban and Rural Economies

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This page was last updated on 2009-11-14.

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