Marking Single-Family Property Values to Market
AbstractThis paper is the text of the 2001 Presidential Address for the American Real Estate and Urban Economics Association. House price prediction accuracy is a function of: (1) the procedure used to identify within-metropolitan-area housing submarket boundaries, (2) the econometric technique used to estimate the parameters of the house price model and (3) the characteristics of the local housing market. This paper empirically examines several procedures for delineating within-metropolitan-area housing submarket boundaries. In addition, the paper examines the increase in prediction accuracy that can be achieved by employing spatial econometric techniques to spatially adjust ordinary least squares house price predictions. Finally, the paper examines the influence that local housing market characteristics have on house price prediction accuracy. Housing market characteristics examined here are: (1) structural characteristics of neighborhood properties, (2) heterogeneity of the neighborhood housing stock and (3) housing market liquidity. Prediction accuracy is examined using hedonic house price equations with over 40,000 single-family transactions for Dallas, Texas. Copyright 2003 American Real Estate and Urban Economics Association
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Bibliographic InfoArticle provided by American Real Estate and Urban Economics Association in its journal Real Estate Economics.
Volume (Year): 31 (2003)
Issue (Month): 1 (03)
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- James Hansen, 2006. "Australian House Prices: A Comparison of Hedonic and Repeat-sales Measures," RBA Research Discussion Papers rdp2006-03, Reserve Bank of Australia.
- Rainer Schulz & Martin Wersing & Axel Werwatz, 2013. "Automated Valuation Modelling: A Specification Exercise," SFB 649 Discussion Papers SFB649DP2013-046, Sonderforschungsbereich 649, Humboldt University, Berlin, Germany.
- Kuethe, Todd H. & Foster, Kenneth A. & Florax, Raymond J.G.M., 2008. "A Spatial Hedonic Model with Time-Varying Parameters: A New Method Using Flexible Least Squares," 2008 Annual Meeting, July 27-29, 2008, Orlando, Florida 6306, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
- Luca Stanca, 2008. "Le determinanti dei prezzi delle abitazioni: aspetti microeconomici," Working Papers 143, University of Milano-Bicocca, Department of Economics, revised Jul 2008.
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