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An Evaluation of Hedonic Price Indexes for Thirty-four Large SMSAs

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  • Dixie M. Blackley
  • James R. Follain
  • Haeduck Lee
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    Abstract

    The purpose of this paper is twofold. First, a set of price indexes are developed for thirty-four metropolitan areas for the years 1975 and 1978. Indexes are also broken down by central city and suburb for twenty two of the metropolitan areas. These indexes measure variation in the price per unit of owner-occupied housing stock and the price per unit of housing services of rental housing. Confidence intervals are constructed for the price indexes. It is found that the indexes are reasonably precise measures in that the typical ratio of the confidence interval to the predicted median rent or value is about 13%. Also, analysis of the confidence intervals indicates substantial and statistically significant variation in the price of housing stock and services among the metropolitan areas studied.One of the major benefits of this set of indexes is that it can be used to address one of the most important questions in real estate - Why do housing prices and rents vary among metropolitan areas and over time? Research projects are currently underway that use the data to address these two questions. Copyright American Real Estate and Urban Economics Association.

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    Bibliographic Info

    Article provided by American Real Estate and Urban Economics Association in its journal Real Estate Economics.

    Volume (Year): 14 (1986)
    Issue (Month): 2 ()
    Pages: 179-205

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    Handle: RePEc:bla:reesec:v:14:y:1986:i:2:p:179-205

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    Cited by:
    1. Bun Lee & Eui-Chul Chung & Yong Kim, 2004. "Dwelling Age, Redevelopment, and Housing Prices: The Case of Apartment Complexes in Seoul," The Journal of Real Estate Finance and Economics, Springer, vol. 30(1), pages 55-80, October.
    2. Arbel, Yuval & Ben-Shahar, Danny & Gabriel, Stuart & Tobol, Yossef, 2010. "The local cost of terror: Effects of the second Palestinian Intifada on Jerusalem house prices," Regional Science and Urban Economics, Elsevier, vol. 40(6), pages 415-426, November.
    3. Piermassimo Pavese, 2007. "Hedonic Housing Price Indices: The Turinese Experience," Rivista di Politica Economica, SIPI Spa, vol. 97(6), pages 113-148, November-.
    4. Turgay Kerem Koramaz, 2013. "A Dualistic Manner In Spatial Analysis: Location And Sector Based Investigations For Housing Price Determinants," ERSA conference papers ersa13p1062, European Regional Science Association.
    5. Bloze, Gintautas & Skak, Morten, 2014. "Owning, letting and demanding second homes," Discussion Papers of Business and Economics 1/2014, Department of Business and Economics, University of Southern Denmark.

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