This research applies neural network (NN) technology to real estate appraisal and compares the performance of two NN models in estimating the sales price of residential properties with a traditional multiple regression model. The study is based on 288 sales of homes in Fort Collins, Colorado. Results do not support previous findings that NNs are a superior tool for appraisal analysis. Furthermore, significant problems were encountered with the NN models: inconsistent results between packages, inconsistent results between runs of the same package, and long run times. Any appraiser who plans on using this new technology would do so with caution.
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