"An important objective in the construction of real estate price indices is the creation of subindices by region or by neighbourhood. Environmental changes such as the improvement in the accessibility of a neighbourhood will result in different price changes across neighbourhoods. It is important that an appropriate method be selected for constructing such indices. One such method is the repeat sales method which has the advantage that it does not require the attributes of properties. In this paper, we construct an index of a particular house type in Bordeaux (the """"Èchoppes"""") for the period 1985-1997. This index shows steady price increases even during the bearish real estate markets of the early 1990s. When the city is divided into two regions, differences in price changes are observed."