Measuring Housing Price Growth
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Measuring Housing Price Growth
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Author : Nalini Prasad
language : en
Publisher:
Release Date : 2006
Measuring Housing Price Growth written by Nalini Prasad and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Housing categories.
Introduces a more accurate measure of house price growth that considers long term average prices per suburb.
Measuring And Explaining House Price Developments
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Author : Paul de Vries
language : en
Publisher: IOS Press
Release Date : 2010
Measuring And Explaining House Price Developments written by Paul de Vries and has been published by IOS Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with Political Science categories.
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.
Assessing House Prices With Prudential And Valuation Measures
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Author : Michal Andrle
language : en
Publisher: International Monetary Fund
Release Date : 2019-03-18
Assessing House Prices With Prudential And Valuation Measures written by Michal Andrle and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-03-18 with Business & Economics categories.
In this paper we provide tools for assessing the house prices and housing valuation. We develop two approaches: (i) borrowing capacity approach, and (ii) intrinsic value approach. The borrowing capacity of households, together with their down payment, implies how much housing they can attain. In the intrinsic value approach, property value is viewed as a discounted present value of adjusted net rental income. Our approach does not involve a complex econometric model and only widely available data are used. The proposed indicators can guide households, financial markets and macroprudential authorities in their understanding of house prices development. To illustrate the concepts, we analyze the housing prices in the Czech Republic and assess the degree of market over-and undervaluation.
Assessing High House Prices
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Author : Charles P. Himmelberg
language : en
Publisher:
Release Date : 2005
Assessing High House Prices written by Charles P. Himmelberg and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Housing categories.
"We construct measures of the annual cost of single-family housing for 46 metropolitan areas in the United States over the last 25 years and compare them with local rents and incomes as a way of judging the level of housing prices. Conventional metrics like the growth rate of house prices, the price-to-rent ratio, and the price-to-income ratio can be misleading because they fail to account both for the time series pattern of real long-term interest rates and predictable differences in the long-run growth rates of house prices across local markets. These factors are especially important in recent years because house prices are theoretically more sensitive to interest rates when rates are already low, and more sensitive still in those cities where the long-run rate of house price growth is high. During the 1980s, our measures show that houses looked most overvalued in many of the same cities that subsequently experienced the largest house price declines. We find that from the trough of 1995 to 2004, the cost of owning rose somewhat relative to the cost of renting, but not, in most cities, to levels that made houses look overvalued"--National Bureau of Economic Research web site.
The Australian Experience In Developing An Established House Price Index
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Author : Merry Branson
language : en
Publisher:
Release Date : 2006
The Australian Experience In Developing An Established House Price Index written by Merry Branson and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Housing categories.
This paper summarises the research carried out by the Australia Bureau of Statistics (ABS) and the Reserve Bank of Australia based on: 1. Measuring housing price growth: using stratification to improve median-based measures, 2. Australian house prices: a comparison of hedonic and repeat sales measures, 3. Exploring hedonic methods for constructing a house price index and 4. Renovating the established house price index.
Hot Property
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Author : Rob Nijskens
language : en
Publisher: Springer
Release Date : 2019-06-14
Hot Property written by Rob Nijskens and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-06-14 with Business & Economics categories.
This open access book discusses booming housing markets in cities around the globe, and the resulting challenges for policymakers and central banks. Cities are booming everywhere, leading to a growing demand for urban housing. In many cities this demand is out-pacing supply, which causes house prices to soar and increases the pressure on rental markets. These developments are posing major challenges for policymakers, central banks and other authorities responsible for ensuring financial stability, and economic well-being in general.This volume collects views from high-level policymakers and researchers, providing essential insights into these challenges, their impact on society, the economy and financial stability, and possible policy responses. The respective chapters address issues such as the popularity of cities, the question of a credit-fueled housing bubble, the role of housing supply frictions and potential policy solutions. Given its scope, the book offers a revealing read and valuable guide for everyone involved in practical policymaking for housing markets, mortgage credit and financial stability.
Improving Median Housing Price Indexes Through Stratification
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Author : Anthony J. Richards
language : en
Publisher:
Release Date : 2007
Improving Median Housing Price Indexes Through Stratification written by Anthony J. Richards and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with categories.
There is a trade-off between how easy a housing price series is to construct and the extent to which it adjusts for changes in the mix of dwellings sold. Median house price measures are easily calculated, frequently used by industry bodies and quoted in the press. However, such measures provide poor estimates of short-term changes in prices because they reflect changes in the composition of transactions as well as changes in demand and supply conditions.Based on a database of 3.5 million transactions in the six largest Australian cities, we demonstrate that compositional shifts between higher and lower-priced parts of cities can account for much of the noise in median price measures. Accordingly, we propose a simple method of adjusting for compositional change through stratification. Our measure differs from those commonly used internationally as we group neighborhoods or small geographic regions according to the long-term average price level of dwellings in those regions. The measure of price growth produced improves substantially upon a median and is very highly correlated with regression-based measures.
Foreign Demand And Local House Prices Evidence From The Us
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Author : Mr.Damien Puy
language : en
Publisher: International Monetary Fund
Release Date : 2020-02-28
Foreign Demand And Local House Prices Evidence From The Us written by Mr.Damien Puy and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-02-28 with Business & Economics categories.
We test whether foreign demand matters for local house prices in the US using an identification strategy based on the existence of “home bias abroad” in international real estate markets. Following an extreme political crisis event abroad, a proxy for a strong and exogenous shift in foreign demand, we show that house prices rise disproportionately more in neighbourhoods with a high concentration of population originating from the crisis country. This effect is strong, persistent, and robust to the exclusion of major cities. We also show that areas that were already expensive in the late 1990s have experienced the strongest foreign demand shocks and the biggest drop in affordability between 2000 and 2017. Our findings suggest a non-trivial causal effect of foreign demand shocks on local house prices over the last 20 years, especially in neighbourhoods that were already rather unaffordable for the median household.
Are House Prices Rising Too Fast In Hong Kong Sar
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2010-12-01
Are House Prices Rising Too Fast In Hong Kong Sar written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-12-01 with Business & Economics categories.
Sharp increase in house prices in Hong Kong SAR in 2009-2010 has led to concerns of an emerging real estate bubble. According to our measure of price deviation from fundamentals, which should be taken as an early warning indicator of market exuberance, the current level of house prices in Hong Kong SAR does not seem to be significantly higher than would be justified by underlying fundamentals. Moreover, unlike advanced economies before 2007-8, deviation from fundamentals has not been persistent in Hong Kong.Going forward, low interest rate and improving growth prospects, as well as a tight supply, particularly in the mass market, means that house price growth will continue to be strong.This is the period in which vulnerability may be accumulating, and tight prudential standards and fiscal measures will be required to tame price inflation.
Improving Median Housing Price Indexes Through Stratification
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Author : Nalini Prasad
language : en
Publisher:
Release Date : 2009
Improving Median Housing Price Indexes Through Stratification written by Nalini Prasad and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.
There is a trade-off between how easy a housing price series is to construct and the extent to which it adjusts for changes in the mix of dwellings sold. Median house price measures are easily calculated, frequently used by industry bodies, and quoted in the press. However, such measures provide poor estimates of short-term changes in prices because they reflect changes in the composition of transactions, as well as changes in demand and supply conditions. This study uses a database of 3.5 million transactions in the six largest Australian cities to demonstrate that compositional shifts between higher- and lower-priced parts of cities can account for much of the noise in median price measures. Accordingly, a simple method of adjusting for compositional change through stratification is proposed. The measure differs from those commonly used internationally as neighborhoods or small geographic regions are grouped according to the long-term average price level of dwellings in those regions. The measure of price growth produced improves substantially upon a median and is very highly correlated with regression-based measures.