Daily House Price Indices: Construction, Modeling, and Longer-run Predictions

This paper focuses on the physical attributes of land that intrinsically limit land use and possibly affect land values. In particular, we investigate if the slope of a land does decrease its price and investigate the role of land slope in forming more reliable constant-quality land price indices and aggregate house price indices. We find that, while land slopes do decrease the land price per unit, they have a small effect on the quality-adjusted land price indices in selected neighborhoods in Auckland, New Zealand, where sloped terrain is common.

Download Full-text

Repeat sales house price indices: comparative properties under alternative data generation processes

New Zealand Economic Papers ◽

10.1080/00779954.2019.1612937 ◽

2019 ◽

pp. 1-12

Author(s):

Arthur Grimes ◽

Kade Sorensen ◽

Chris Young

Keyword(s):

House Price ◽

Repeat Sales ◽

Data Generation ◽

Price Indices ◽

House Price Indices

Download Full-text

Measuring heterogeneity of house price developments in Hungary, 1990–2016

Acta Oeconomica ◽

10.1556/032.2018.68.3.4 ◽

2018 ◽

Vol 68 (3) ◽

pp. 377-414

Author(s):

Ádám Banai ◽

Nikolett Vágó ◽

Sándor Winkler

Keyword(s):

Time Series ◽

Housing Market ◽

House Prices ◽

House Price ◽

Price Indices ◽

Regional Heterogeneity ◽

Economic Cycles ◽

House Price Indices ◽

Long Time ◽

Index Family

This study presents the detailed methodology of generating house price indices for the Hungarian market. The index family is an expansion of the Hungarian housing market statistics in several regards. The nationwide index is derived from a database starting from 1990, and thus the national index is regarded as the longest in comparison to the house price indices available so far. The long time series allow us to observe and compare the real levels of house prices across economic cycles. Another important innovation of this index family is its ability to capture house developments by regions and settlement types, which sheds light on the strong regional heterogeneity underlying the Hungarian housing market.

Download Full-text

National and regional house price indices - headline indicators

Main Economic Indicators ◽

10.1787/35b75884-en ◽

2017 ◽

Keyword(s):

House Price ◽

Price Indices ◽

House Price Indices

Download Full-text

Construction of real estate price indices for developing housing markets

International Journal of Housing Markets and Analysis ◽

10.1108/ijhma-06-2016-0047 ◽

2017 ◽

Vol 10 (3) ◽

pp. 371-383 ◽

Cited By ~ 3

Author(s):

Anthony Owusu-Ansah ◽

William Mark Adolwine ◽

Eric Yeboah

Keyword(s):

Real Estate ◽

House Price ◽

Temporal Aggregation ◽

Price Indices ◽

Content Type ◽

Real Estate Price ◽

Aggregation Effect ◽

Developing Markets ◽

House Price Indices ◽

Real Estate Price Indices

Purpose The purpose of this paper is to test whether temporal aggregation matters when constructing hedonic house price indices for developing markets using Ghana as a case study. Design/methodology/approach Monthly, quarterly, semi-yearly and yearly hedonic price indices are constructed and six null hypotheses are tested using the F-ratios to examine the temporal aggregation effect. Findings The results show that temporal aggregation may not be a serious issue when constructing hedonic house price indices for developing markets as a result of the smaller sample size which these markets normally have. At even 10 per cent significance level, none of the F-ratios estimated is statistically significant. Analysis of the mean returns and volatilities reveal that indices constructed at the lower level of temporal aggregation are very volatile, suggesting that the volume of transactions can affect the level of temporal aggregation, and so, the temporal aggregation level should not be generalised, as is currently observed in the literature. Originality/value The diversification importance of real estate and the introduction of real estate derivatives and home equity insurance as financial products call for the construction of robust and accurate real estate indices in all markets. While almost all empirical research recommends real estate price indices to be conducted at the lower level of temporal aggregation, these studies are largely conducted in developed markets where transactions take place frequently and large transaction databases exist. Unfortunately, little is known about the importance of temporal aggregation effect when constructing indices for developing real estate markets. This paper contributes to fill these gaps.

Download Full-text