The Measurement Of House Prices
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The Measurement Of House Prices
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Author : Gregory Thwaites
language : en
Publisher:
Release Date : 2005
The Measurement Of House Prices written by Gregory Thwaites and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with categories.
House prices are an important consideration in assessing macroeconomic developments in the United Kingdom. But the special characteristics of housing - heterogeneity, infrequent sale and negotiated prices - give rise to important issues that complicate their measurement. There are several valid concepts of house prices - such as the average transaction price, the price of a typical house and the housing stock deflator - each of which is useful for a different purpose. Users must therefore be careful to match the measure they use with the concept of house prices they are interested in. Furthermore, all the available measures are volatile, so high-frequency changes in house price inflation should not be expected to persist.
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.
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 Indices
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Author : Thomas G. Thibodeau
language : en
Publisher: Springer Science & Business Media
Release Date : 1997-03-31
House Price Indices written by Thomas G. Thibodeau and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997-03-31 with Business & Economics categories.
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.
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.
The Measurement And Determinants Of Single Family House Prices
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Author : Joe Peek
language : en
Publisher:
Release Date : 1991
The Measurement And Determinants Of Single Family House Prices written by Joe Peek and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1991 with House buying categories.
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.
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.
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.
Handbook On Residential Property Prices Rppis
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Author : Statistical Office of the European Communities
language : en
Publisher: International Monetary Fund
Release Date : 2013-08-13
Handbook On Residential Property Prices Rppis written by Statistical Office of the European Communities 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 2013-08-13 with Business & Economics categories.
For most citizens, buying a residential property (dwelling) is the most important transaction during their lifetime. Residential properties represent the most significant component of households’ expenses and, at the same time, their most valuable assets. The Residential Property Prices Indices (RPPIs) are index numbers measuring the rate at which the prices of residential properties are changing over time. RPPIs are key statistics not only for citizens and households across the world, but also for economic and monetary policy makers. Among their professional uses, they serve, for example, to monitor macroeconomic imbalances and risk exposure of the financial sector. This Handbook provides, for the first time, comprehensive guidelines for the compilation of RPPIs and explains in depth the methods and best practices used to calculate an RPPI. It also examines the underlying economic and statistical concepts and defines the principles guiding the methodological and practical choices for the compilation of the indices. The Handbook primarily addresses official statisticians in charge of producing residential property price indices; at the same time, it addresses the overall requirement on RPPIs by providing a harmonised methodological and practical framework to all parties interested in the compilation of such indices. The RPPIs Handbook has been written by leading academics in index number theory and by recognised experts in RPPIs compilation. Its development has been coordinated by Eurostat, the statistical office of the European Union, with the collaboration of the International Labour Organization (ILO), International Monetary Fund (IMF), Organisation for Economic Co-operation and Development (OECD), United Nations Economic Commission for Europe (UNECE) and the World Bank.