Measuring Housing Prices
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Measuring Housing Prices
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Author : Michael G. Ferri
language : en
Publisher:
Release Date : 1979
Measuring Housing Prices written by Michael G. Ferri and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1979 with Housing categories.
Measuring Diverging House Prices
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Author : Jan Rouwendal
language : en
Publisher:
Release Date : 2018
Measuring Diverging House Prices written by Jan Rouwendal and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.
Real estate price indexes summarize the evolution of all property prices in a single number, while actual price movements often differ among market segments. We develop a methodology for measuring prices as a flexible function of a one-dimensional quality measure - housing services for residential real estate - and apply it to test for the common assumption of identical price movements in all parts of the market. Our approach is based on a generalization of the familiar (constant unit price) Muth model to a situation of in which the unit price of housing services may depend on the quality level. We apply the method to a rich set of transaction data referring to Amsterdam in the period 1985-2013. We estimate an indicator of housing services based only on the ranking of house prices in postcode areas during periods of three months and compare the results to conventional hedonic price equations that embody the assumption of a unit price for housing services that does not depend on quality. We develop a test for a constant price per unit of housing services and reject it on the basis of price differences occurring over time as well as over space.
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.
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.
Measuring Housing Affordability
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Author : Robert J. Hill
language : en
Publisher:
Release Date : 2015
Measuring Housing Affordability written by Robert J. Hill and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
We draw a distinction between the concepts of purchase affordability (whether a household is able to borrow enough funds to purchase a house) and repayment affordability (the burden imposed on a household of repaying the mortgage). We operationalize this distinction in the context of a new methodology for constructing affordability measures that draws on the value-at-risk concept and takes account of the whole distribution of household income and house prices rather than just the median. Empirically we find that the distinction between purchase and repayment affordability can be pronounced. In the Sydney prime mortgage market over the period 1996 to 2006, repayment affordability deteriorated very significantly while purchase affordability remained quite stable. This difference can be attributed to the loosening of credit constraints in the mortgage market which it seems has carried through primarily into higher house prices. We also consider how median house-price-to-income ratio measures of affordability can be extended to take account of the whole distribution of income and house prices. We propose a new quantile based measure which indicates that the housing affordability problem may be systematically worse than suggested by standard median measures.
Why House Price Indexes Differ
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Author : Mick Silver
language : en
Publisher: International Monetary Fund
Release Date : 2012-05-01
Why House Price Indexes Differ written by Mick Silver 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 2012-05-01 with Business & Economics categories.
A key element in the build-up to the global recession and subsequently was the movement in house price indexes (HPIs). These indexes are particularly prone to methodological and coverage differences which can undermine both within-country and cross-country economic analysis. The paper outlines key measurement issues and reports on empirical work using an international panel data set that (i) considers whether differences in HPI measurement matter and, if so, in what way, and (ii) revisits the measurement of global house price inflation and the modeling of the determinants of house price inflation using HPIs corrected for differences in measurement practice.
House Price Methodology
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Author : Marko Hannonen
language : en
Publisher: Suomen E-painos Oy
Release Date :
House Price Methodology written by Marko Hannonen and has been published by Suomen E-painos Oy this book supported file pdf, txt, epub, kindle and other format this book has been release on with Mathematics categories.
This booklet discusses some major methodological issues relating to the construction of house price models on a macro level. There is no single method that always produces the optimal results; the choice of a particular approach, method, theory, model and technique is context-dependent. This is especially true in housing markets, where a multitude of different submarkets exist. The methodology chosen should be based on sound theory, from which the basic concepts of analysis can be derived. This booklet discusses the use of potential models, which can be constructed using a general field theory, and which act as a theoretical foundation for further analysis. If we use potential models for house price analysis we can discover additional features from the data set that other approaches would simply miss. This e-book presents a pragmatic overview of key methodological concerns with the emphasis on the use of potential models. Theoretical methodological questions are left unanswered, and are not even presented in this text, since they have little relevancy to real-world modelling questions.
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.
Selectivity Quality Adjustment And Mean Reversion In The Measurement Of House Values
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Author : Min Hwang
language : en
Publisher:
Release Date : 2003
Selectivity Quality Adjustment And Mean Reversion In The Measurement Of House Values written by Min Hwang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with categories.
This paper develops a model of price formation in the housing market which accounts for the non-random selection of those dwellings sold on the market from the stock of existing houses. The model we develop also accounts for changes in the quality of dwellings themselves and tests for mean reversion in individual house prices. The model is applied to a unique body of data representing all dwellings sold in Sweden's largest metropolitan area during the period 1982-1999. The analysis compares house price indices that account for selectivity, quality change and mean reversion with the conventional repeat sales models used to describe the course of metropolitan housing prices. We find that the repeat sales method yields systematically large biased estimates of the value of the housing stock. Our comparison suggests that the more general approach to the estimation of housing prices or housing wealth yields substantially improved estimates of the course of housing prices and housing wealth.