The study of dynamic change of city structure based on diversity of the enterprise and of households

房价指数的表现是否因估算方法的不同而不同？为了解决这些问题，我们使用了一个独特的数据集，该数据集是从各个列表中编译而来的。该数据集包含1986年至2008年期间超过47万个房屋价格列表，包括房地产泡沫及其破裂时期。我们发现，有一个显着的差异，在享乐和重复销售指数之间的转折点，即使享乐指数的结构变化和重复销售指数的调整凯斯和席勒建议的方式。具体来说，重复销售措施信号转折点晚于享乐措施：例如，享乐措施的公寓价格在2002年初触底，而相应的重复销售措施表现出逆转只有在2004年春季。即使我们对重复销售指数进行折旧调整，也不能完全消除这种差异。

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