VALUE-BASED WEIGHTS IN RESIDENTIAL PROPERTY PRICE INDEX AGGREGATION: EVIDENCE FROM UZBEKISTAN
Abstract
Aggregation weights determine how stratum-level housing price movements are transmitted to a national residential property price index. In markets with strong price and transaction heterogeneity, alternative weighting schemes can produce different aggregate signals even when the underlying stratum indices are unchanged. Methods: The study uses 28 stratum indices for Uzbekistan over 2024Q1-2026Q2. The same stratum-level indices are aggregated in parallel using three schemes: value-based proxy weights, transaction-count weights and equal weights. Value-based weights combine notarial transaction counts with annual average asking prices and are applied to the following year. Annual changes in the weight structure are summarized using a half-L1 distance diagnostic. Results: The total weight of primary-market apartments increased from 19.41% in 2024 to 26.95% in 2026, while the share of individual houses declined from 50.32% to 44.62%. Across alternative aggregation schemes, the largest difference between value and transaction-count weighting was 1.061 index points in 2026Q2, and the largest difference between value and equal weighting was 1.671 points in 2025Q3. The weight-composition diagnostic rose from 0.0506 in 2025 to 0.1414 in 2026. Conclusion: Weight selection is a material methodological component of national RPPI compilation. Parallel aggregation provides a transparent sensitivity test, while annual monitoring of weight composition can identify structural shifts that warrant methodological review.
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