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Hedonic Estimates of Regional Constant Quality House Prices

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Author Info
Marvin L. Wolverton () (Washington State University Pullman, WA 99164-4746)
Jimmy Senteza () (Drake University Des Moines, IA 50311-4505)
Abstract

It is has been shown that regional housing price indexes reported by the National Association of Realtors (NAR) misstate price change over time due to failure to control for variation in housing quality. However, the erroneous assumption that implicit housing characteristic prices are invariant across regions of the United States may also bias regional constant quality hedonic price indexes. This study shows that housing characteristic prices derived from NAR data do vary significantly by region. It then compares regional price indexes, which do and do not control for regional variation in housing characteristic prices, to demonstrate the biasing effect.

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File URL: http://aux.zicklin.baruch.cuny.edu/jrer/papers/pdf/past/vol19n03/v19p235.pdf
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Publisher Info
Article provided by American Real Estate Society in its journal Journal of Real Estate Research.

Volume (Year): 19 (2000)
Issue (Month): 3 ()
Pages: 235-253
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Handle: RePEc:jre:issued:v:19:n:3:2000:p:235-253

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Postal: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323
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L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Michaels, R. Gregory & Smith, V. Kerry, 1990. "Market segmentation and valuing amenities with hedonic models: The case of hazardous waste sites," Journal of Urban Economics, Elsevier, vol. 28(2), pages 223-242, September. [Downloadable!] (restricted)
  2. Joe Peek & James A. Wilcox, 1991. "The Measurement and Determinants of Single-Family House Prices," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 19(3), pages 353-382. [Downloadable!] (restricted)
    Other versions:
  3. Heckman, James J, 1979. "Sample Selection Bias as a Specification Error," Econometrica, Econometric Society, vol. 47(1), pages 153-61, January. [Downloadable!] (restricted)
  4. Black, Roy T, et al, 1997. "Manufacturing versus Distribution: Implicit Pricing of Real Property Characteristics by Submarket," The Journal of Real Estate Finance and Economics, Springer, vol. 15(3), pages 271-85, November. [Downloadable!] (restricted)
  5. Case, Bradford & Quigley, John M, 1991. "The Dynamics of Real Estate Prices," The Review of Economics and Statistics, MIT Press, vol. 73(1), pages 50-58, February. [Downloadable!] (restricted)
  6. Goetzmann, William N & Spiegel, Matthew, 1995. "Non-temporal Components of Residential Real Estate Appreciation," The Review of Economics and Statistics, MIT Press, vol. 77(1), pages 199-206, February. [Downloadable!] (restricted)
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  7. John M. Clapp & Carmelo Giaccotto & Dogan Tirtiroglu, 1991. "Housing Price Indices Based on All Transactions Compared to Repeat Subsamples," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 19(3), pages 270-285. [Downloadable!] (restricted)
  8. Patric H. Hendershott & Thomas G. Thibodeau, 1990. "The Relationship between Median and Constant Quality House Prices: Implications for Setting FHA Loan Limits," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 18(3), pages 323-334. [Downloadable!] (restricted)
  9. Mills, Edwin S. & Simenauer, Ronald, 1996. "New Hedonic Estimates of Regional Constant Quality House Prices," Journal of Urban Economics, Elsevier, vol. 39(2), pages 209-215, March. [Downloadable!] (restricted)
  10. Jesse M. Abraham & William S. Schauman, 1991. "New Evidence on Home Prices from Freddie Mac Repeat Sales," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 19(3), pages 333-352. [Downloadable!] (restricted)
  11. J. R. Knight & Jonathan Dombrow & C. F. Sirmans, 1995. "A Varying Parameters Approach to Constructing House Price Indexes," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 23(2), pages 187-205. [Downloadable!] (restricted)
  12. White, Halbert, 1980. "A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity," Econometrica, Econometric Society, vol. 48(4), pages 817-38, May. [Downloadable!] (restricted)
  13. Gatzlaff, Dean H. & Haurin, Donald R., 1998. "Sample Selection and Biases in Local House Value Indices," Journal of Urban Economics, Elsevier, vol. 43(2), pages 199-222, March. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. David Duffy, 2001. "Does Controlling For Neighbourhood Quality Matter More For Different Types Of House," Economics, Finance and Accounting Department Working Paper Series n1091001, Department of Economics, Finance and Accounting, National University of Ireland - Maynooth. [Downloadable!]
  2. Marilena Biey & Roberto Zanola, 2005. "The Market for Picasso Prints: A Hybrid Model Approach," Journal of Cultural Economics, Springer, vol. 29(2), pages 127-136, May. [Downloadable!] (restricted)
    Other versions:
  3. Raquel Arévalo Tomé & José María Chamorro Rivas, . "Geographic Heterogeneity in Housing. Evidence from Spain," Studies on the Spanish Economy 203, FEDEA. [Downloadable!]
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