Showing 1 - 10 of 3,628
Disequilibrium in the housing market can be detected by comparing the actual price-rent ratio with its equilibrium counterpart obtained from the user-cost condition. Empirical implementation of this idea, however, is problematic because of quality differences between sold and rented dwellings....
Persistent link: https://www.econbiz.de/10010359516
This work focuses on the development of house price indices for Nigeria, and the estimates of the Nigerian Residential Property Price Indices on housing characteristics are presented. Four main methods of index construction were considered, these are hedonic regression, repeat-sales,...
Persistent link: https://www.econbiz.de/10011476139
Hedonic house price indices adjust the average sales prices for the change in the quality of the property sold over time. This paper proposes a framework to disentangle the contribution of each individual dwelling characteristic to this quality change. We apply our framework to a unique dataset...
Persistent link: https://www.econbiz.de/10013193786
Departures of the housing market from equilibrium can be detected by comparing the actual price-rent ratio with the user cost of owner occupying. Empirical implementation of this idea, however, is problematic for two reasons. First, the price-rent ratio needs to be quality adjusted. Second, the...
Persistent link: https://www.econbiz.de/10009736476
Hedonic regressions are used for residential property price index (RPPI) measurement to control for changes in the quality-mix of properties transacted. This paper consolidates the confusing array of existing approaches and methods of implementation. It further develops an innovative form of...
Persistent link: https://www.econbiz.de/10012040201
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)...
Persistent link: https://www.econbiz.de/10012966557
We propose a new method to estimate a repeat-sales house price index. Our unbalanced panel method employs an OLS panel regression to estimate the (log) house price as a function of time fixed effects and house-specific fixed effects. Comparisons are made across three repeat-sales methods using...
Persistent link: https://www.econbiz.de/10013137739
This paper estimates and compares methods of constructing disaggregated house price indices from existing house price models using individual sales data for Sydney. Nine alternative house price models are selected to cover the most frequently used methods in the literature: the mean model,...
Persistent link: https://www.econbiz.de/10013084750
Under the repeat-transactions framework for constructing house price indexes, the paper analyzes the technical challenges associated with producing unbiased price indexes for homes in distinct price tiers. The basic problem is that the “tier” to which a given home truly belongs is...
Persistent link: https://www.econbiz.de/10013090269
The constant-quality assumption in repeat-sales house price indexes (HPIs) introduces a significant time-varying attribute bias. The direction, magnitude, and source of the bias varies throughout the market cycle and across metropolitan statistical areas (MSAs). We mitigate the bias using a...
Persistent link: https://www.econbiz.de/10012866117