关键词: 房价指数, 变量遗漏, 样本匹配, 混合指数

Abstract: In this paper, combined with the actual characteristics of China's urban housing market, based on the classical theory of hedonic price index and the repeat sale index, it provided a new approach of housing price index construction, the pseudo repeat sale model, with higher accuracy and efficiency, according to the background of China’s urban housing market. The pseudo repeat sale model can avoid the limitation of the application of the classic repeat sale model in China, while sharply reduce the bias induced by the omitting variables issue of the hedonic model. Based on the long-period data of the new sales from a certain city’s housing market and the short-period data from the other 5 cities’, the calculating results demonstrated that the pseudo repeat sale model behaved with a more stable trend, a less volatility and generally a better quality, comparing with the classic hedonic index and the median price index.

Key words: Housing Price Index, Variable Omitting, Sample Matching, Hybrid Index