Abstract
The key to identifying racial price differentials in housing markets is to test whether minority and non-minority buyers pay similar prices for comparable housing. The heterogeneous nature of the residential housing market and racial sorting of buyers into neighborhoods violates the comparability assumption. Previous studies attempt to address these concerns using a repeat-sales approach that controls for time-invariant attributes of the house and neighborhood. We provide evidence that the repeat-sales estimates reported in the extant literature suffer from an omitted variable bias traceable to time-varying attributes of the house. After controlling for the time-varying attributes using two distinct approaches, we find that minority and non-minority buyers pay a similar price for comparable housing.
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