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59JOURNALOFREALESTATERESEARCHListPriceInformationinResidentialAppraisalandUnderwritingJohnR.Knight*C.F.Sirmans**GeoffreyK.Turnbull***Abstract.Thisarticleexaminestheusefulnessoflistingpricesasleadingindicatorsofhousevaluesandaspredictorsofthedirectionofhousingmarkets.WithMultipleListingServicedatafromalargemetropolitanarea,wecreatetwopriceindexes,usingfirstlistingpriceandthensellingpriceasthedependentvariableinthehedonicregressions.Themarketisthengeographicallyandcategoricallysegmented,andGrangercausalitytestsareperformedtoanalyzetheleadingaspectoflistpricesinthelistprice-salespricerelationship.Wefindthatdifferentsegmentsofthemarketperformquitedifferentlyoverthetimeperiodofourstudy,suggestingthatfordata-basedappraisalpurposescareisneededindeterminingthemannerandlevelofaggregation.Wealsofind,however,thatmarketlistpricescontinuetoconveyimportantinformationaboutsubsequentsellingpricesinmostmarketsegments.IntroductionThelistingpriceisthestartingpointofthehomesellingprocess.Astheinitialsignalof...