This is the peer reviewed version of the following article: Bourassa, S. C., Hoesli, M. and Oikarinen, E. (2019), Measuring House Price Bubbles. Real Estate Economics, 47: 534-563., which has been published in final form at http://onlinelibrary.wiley.com/doi/10.1111/1540-6229.12154/abstract. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Self-Archiving.