The Laspeyres Price Index, a price index calculated from a set (“basket”) of fixed quantities of a finite list of goods. Let the price index be one in the first period, which is then the base period. Then the value of the index in the second period is equal to this ratio: the total cost of the basket of goods in period two divided by the total cost of exactly the same basket in period one. Fisher Ideal Price Index is the geometric average of the Laspeyres and Paasche price indexes for the same time period.
The purpose of the Survey of Construction (SOC) is to provide national and regional statistics on starts and completions of new single-family and multifamily housing units and statistics on sales of new single-family houses in the United States. The United States Code, Title 13, authorizes this survey and provides for voluntary responses. The Department of Housing and Urban Development partially funds this survey. The SOC also provides statistics on characteristics of new privately-owned residential structures in the United States. Data included are various characteristics of new single-family houses completed, new multifamily housing completed, new single-family houses sold, and new contractor-built houses started.
SOC is a national sample survey of new houses selected from building permits and a canvassing of areas not requiring permits. Builders or owners of the houses selected are interviewed for information including start, sale, and completion dates, and more than 40 physical and financial characteristics of the houses. The characteristics are collected throughout the construction process, thus the highest response rate is associated with completed homes. The Department of Housing and Urban Development (HUD) funds the collection of these characteristics and allows the Census Bureau to provide the data to the public free of charge. Available geography on the files includes the nine Census Divisions (DIV) and whether a house is inside or outside a metropolitan area (METRO). All new houses are classified into one of four categories (CAT): (1) houses built for sale (whether sold or not) where the house and land are sold as a package; (2) contractor‐built houses where the owner of the land hires a general contractor to build the house; (3) owner‐built houses where the owner of the land builds the house him/herself or acts as the general contractor; and (4) houses built for rent. Only houses “built for sale” can have a sale date. The dataset deals with details of single family houses sold.