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Price Indices Based on the Hedonic Repeat-Sales Method: Application to the Housing Market

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  • Clapp, John M
  • Giaccotto, Carmelo

Abstract

Shiller (1993) proposes the hedonic repeated-measures (HRM) approach to measuring constant quality price indices for heterogeneous assets such as some bonds and real estate. We derive a mathematical relationship between the coefficients of the HRM model and those from the standard repeat-sales model, and we demonstrate how hedonic characteristics should be chosen for inclusion in the HRM model. Empirical estimates using Fairfax, Virginia, housing transactions data show that the HRM price index evaluated at the mean of the hedonic variable is virtually identical to the standard repeat sales index, just as predicted by our mathematical relationship. But the HRM allows estimation of different price paths for heterogeneous assets. We demonstrate that use of assessed value as the only hedonic characteristic allows parsimonious HRM estimates. Copyright 1998 by Kluwer Academic Publishers

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Bibliographic Info

Article provided by Springer in its journal Journal of Real Estate Finance & Economics.

Volume (Year): 16 (1998)
Issue (Month): 1 (January)
Pages: 5-26

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Handle: RePEc:kap:jrefec:v:16:y:1998:i:1:p:5-26

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Web page: http://www.springerlink.com/link.asp?id=102945

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Cited by:
  1. Steven C. Bourassa & Donald R. Haurin & Jessica L. Haurin & Martin Hoesli & Jian Sun, 2009. "House Price Changes and Idiosyncratic Risk: The Impact of Property Characteristics," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 37(2), pages 259-278.
  2. Diewert, W. Erwin & Nishimura , Kiyohiko & Shimizu, Chihiro & Watanabe, Tsutomu, 2014. "Residential Property Price Indexes for Japan: An Outline of the Japanese Official RPPI," Economics working papers erwin_diewert-2014-17, Vancouver School of Economics, revised 27 Mar 2014.
  3. Matthew Chadourne & Seong-Hoon Cho & Roland Roberts, 2013. "Identifying priority target areas for the Knoxville–Knox County hillside and ridgetop protection plan: using the value of visual amenity during the real estate boom of 2002–2007 and the recession ," The Annals of Regional Science, Springer, vol. 50(3), pages 911-934, June.
  4. Chihiron Shimizu & Kiyohiko G. Nishimura & Tsutomu Watanabe, 2010. "Housing Prices in Tokyo: A Comparison of Hedonic and Repeat Sales Measures," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), Justus-Liebig University Giessen, Department of Statistics and Economics, vol. 230(6), pages 792-813, December.
  5. Stephen Malpezzi, . "Hedonic Pricing Models: A Selective and Applied Review," Wisconsin-Madison CULER working papers 02-05, University of Wisconsin Center for Urban Land Economic Research.
  6. Bourassa, Steven C. & Hoesli, Martin & Sun, Jian, 2006. "A simple alternative house price index method," Journal of Housing Economics, Elsevier, vol. 15(1), pages 80-97, March.
  7. Douglas S. Noonan, 2007. "Finding an Impact of Preservation Policies: Price Effects of Historic Landmarks on Attached Homes in Chicago, 1990-1999," Economic Development Quarterly, , vol. 21(1), pages 17-33, February.
  8. Stephen Billings & Thomas Thibodeau, 2011. "Intrametropolitan Decentralization: Is Government Structure Capitalized in Residential Property Values?," The Journal of Real Estate Finance and Economics, Springer, vol. 42(4), pages 416-450, May.
  9. Billings, Stephen B., 2011. "Estimating the value of a new transit option," Regional Science and Urban Economics, Elsevier, vol. 41(6), pages 525-536.

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