Price Indexes Based On The Hedonic Repeat Sales Method
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| Author | : John M. Clapp |
| Publisher | : |
| Total Pages | : |
| Release | : 1998 |
| Genre | : |
| ISBN | : |
Shiller (1993) proposes the hedonic repeated measures (HRM) approach to measuring constant quality price indexes for heterogeneous assets such as some bonds and real estate. We derive a mathematical relationship between the coefficents of the HRM model and those from the standard repeat sales model, and we demonstrate how hedonic characteristics should be chosen for inclusion in the HRM model. Empirical estimates using Fairfax, Virginia, housing transactions data show that the HRM price index evaluated at the mean of the hedonic variable is virtually identical to the standard repeat sales index, just as predicted by our mathematical relationship. But the HRM allows estimation of different price paths for heterogenous assets.
| Author | : Peter M von der Lippe |
| Publisher | : Walter de Gruyter GmbH & Co KG |
| Total Pages | : 193 |
| Release | : 2016-11-21 |
| Genre | : Business & Economics |
| ISBN | : 3110511126 |
| Author | : Mick Silver |
| Publisher | : International Monetary Fund |
| Total Pages | : 89 |
| Release | : 2016-11-16 |
| Genre | : Business & Economics |
| ISBN | : 1475555296 |
Hedonic regressions are used for property price index measurement to control for changes in the quality-mix of properties transacted. The paper consolidates the hedonic time dummy approach, characteristics approach, and imputation approaches. A practical hedonic methodology is proposed that (i) is weighted at a basic level; (ii) has a new (quasi-) superlative form and thus mitigates substitution bias; (iii) is suitable for sparse data in thin markets; and (iv) only requires the periodic estimation of hedonic regressions for reference periods and is not subject to the vagrancies of misspecification and estimation issues.
| Author | : Thomas G. Thibodeau |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 266 |
| Release | : 1997-03-31 |
| Genre | : Business & Economics |
| ISBN | : 9780792398837 |
This book contains a special issue of the Journal of Real Estate Finance and Economics, comprising thirteen articles on house price measurement. These articles address the various procedures used to compute cross-sectional or temporal house price indices. Specifically, these articles contain research that: (1) evaluates hedonic, repeat sales, or hybrid approaches to constructing house price indices; (2) evaluates alternative sources of data on house prices and corresponding housing characteristics; (3) identifies the most influential land, structural, neighborhood, and proximity determinants of house prices (and associated changes in house prices); (4) provides a methodology for identifying housing market segments; (5) incorporates spatial autocorrelation in house price indices; and (6) provides more accurate estimates of the variance in house prices.
| Author | : Chaitra Nagaraja |
| Publisher | : |
| Total Pages | : 25 |
| Release | : 2014 |
| Genre | : |
| ISBN | : |
We compare four traditional repeat sales indices to a recently developed autoregressive index that makes use of the repeat sales methodology but incorporates single sales and a location effect. Qualitative comparisons on statistical issues including the effect of gap time on sales, use of hedonic information, and treatment of single and repeat sales are addressed. Furthermore, predictive ability is used as a quantitative metric in the analysis using data from home sales in 20 metropolitan areas in the United States.The indices tend to track each other over time; however, the differences are substantial enough to be of interest, and we find that the autoregressive index performs best overall.
| Author | : Paul de Vries |
| Publisher | : IOS Press |
| Total Pages | : 227 |
| Release | : 2010 |
| Genre | : Political Science |
| ISBN | : 1607506653 |
This study discusses ways of measuring and explaining the development of house prices. The goal of the research underpinning this dissertation was to develop a methodological framework for studying these developments. This framework relates, first, to correcting for changes in the composition of dwellings and, second, to the fundamentals of the price development. Using the weighted repeat sales method and sale price appraisal ratio (SPAR) method, house price indexes were developed for the Netherlands. Both the Dutch land registry office and Statistics Netherlands publish the SPAR based house price index monthly. To explain and predict changes in prices, a house price model is presented. As suggested in literature on western housing markets, the Dutch house price developments can be explained by demand-oriented short-run term variables and a long-run term variable.
| Author | : W. Erwin Diewert |
| Publisher | : University of Chicago Press |
| Total Pages | : 531 |
| Release | : 2010-02-15 |
| Genre | : Business & Economics |
| ISBN | : 0226148572 |
Although inflation is much feared for its negative effects on the economy, how to measure it is a matter of considerable debate that has important implications for interest rates, monetary supply, and investment and spending decisions. Underlying many of these issues is the concept of the Cost-of-Living Index (COLI) and its controversial role as the methodological foundation for the Consumer Price Index (CPI). Price Index Concepts and Measurements brings together leading experts to address the many questions involved in conceptualizing and measuring inflation. They evaluate the accuracy of COLI, a Cost-of-Goods Index, and a variety of other methodological frameworks as the bases for consumer price construction.
| Author | : Anthony Owusu-Ansah |
| Publisher | : Routledge |
| Total Pages | : 210 |
| Release | : 2018-07-11 |
| Genre | : Business & Economics |
| ISBN | : 1351591002 |
The importance of house prices to households, real estate developers, banks and policy-makers cannot be overemphasised. House price changes affect consumer spending and business investment patterns, which in turn affect the wider macro economy and the entire business cycle. Measuring and understanding house prices is therefore essential to a functioning economy, but researchers continue to disagree on the best methodological approach for constructing real estate indices. This book argues the need for more accurate house price indices, outlines the various methods used to construct indices and discusses the existing house price indices around the globe. It shows how the raw data of property transactions can be prepared for the purpose of constructing indices, discusses various applications of property price indices and empirically demonstrates how the index numbers can be used to model the supply of new houses and to estimate the price elasticity of supply. Essential reading for economists, real estate professionals and researchers, and policy-makers.
| Author | : Anupam Nanda |
| Publisher | : Routledge |
| Total Pages | : 248 |
| Release | : 2019-03-20 |
| Genre | : Business & Economics |
| ISBN | : 1317483499 |
Residential Real Estate introduces readers to the economic fundamentals and emerging issues in housing markets. The book investigates housing market issues within local, regional, national and international contexts in order to provide students with an understanding of the economic principles that underpin residential property markets. Key topics covered include: Location choice in urban areas Housing supply and demand Housing finance and housing as an asset class Demographic shifts and implications for housing Sustainable homes and digitalisation in housing Drawing on market-level information, readers are encouraged to recognise the supply and demand drivers and modelling of dynamic housing markets at various spatial scales and the implications of trends within an urban and regional context, e.g. urbanisation, ageing population, migration, digitalisation. With research-based discussions and coverage of relevant literature, this is an ideal textbook for students of residential real estate, property and related business studies courses at UG and PG levels, as well as a reference book with research topics for researchers. This book will also be of interest to professionals and policymakers.
| Author | : OECD |
| Publisher | : OECD Publishing |
| Total Pages | : 186 |
| Release | : 2013-04-22 |
| Genre | : |
| ISBN | : 9264197184 |
This Handbook provides, for the first time, comprehensive guidelines for the compilation of Residential Property Price Indexes and explains in depth the methods and best practices used to calculate an RPPI.
