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Controlling for Quality in House Price Indices

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  • Zabel, Jeffrey E

Abstract

Given the importance of house prices it is not surprising that house price indices are used for many purposes. One of the factors that differentiates these indices is the house price determinants (such as structural characteristics and neighborhood quality) that are accounted for--that is, held constant. Indices are usually generated from house price regressions. It is shown that, regardless of the desired level of accounting, it is necessary to control for all significant determinants of house prices in these regressions to obtain unbiased estimates of the growth in house prices. An empirical example shows that not controlling for neighborhood quality can lead to substantial biases in estimates of house price appreciation rates even if the index does not account for this factor. Copyright 1999 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): 19 (1999)
Issue (Month): 3 (November)
Pages: 223-41

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Handle: RePEc:kap:jrefec:v:19:y:1999:i:3:p:223-41

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

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Cited by:
  1. Zabel, Jeffrey E., 2004. "The demand for housing services," Journal of Housing Economics, Elsevier, vol. 13(1), pages 16-35, March.
  2. Nicholas Longford, 2008. "Inference with the lognormal distribution," Economics Working Papers 1104, Department of Economics and Business, Universitat Pompeu Fabra.
  3. Luis Otavio Reiff & Ana Luiza Barbosa, 2005. "Housing stock in Brazil: estimation based on a hedonic price model," BIS Papers chapters, in: Bank for International Settlements (ed.), Real estate indicators and financial stability, volume 21, pages 257-270 Bank for International Settlements.
  4. Yannis M. Ioannides & Jeffrey E. Zabel, 2000. "Neighborhood Effects and Housing Demand," Discussion Papers Series, Department of Economics, Tufts University 0012, Department of Economics, Tufts University.
  5. Jeffrey Zabel & Katherine Kiel, 2004. "Location, Location, Location: The 3L Approach to House Price Determination," Working Papers 04-06, Center for Economic Studies, U.S. Census Bureau.
  6. Carlos Pestana Barros & Zhongfei Chen & Luis A. Gil-Alana, 2012. "Housing sales in urban Beijing," Applied Economics, Taylor & Francis Journals, vol. 44(34), pages 4495-4504, December.
  7. Krupka, Douglas J. & Noonan, Douglas S., 2009. "Empowerment Zones, neighborhood change and owner-occupied housing," Regional Science and Urban Economics, Elsevier, vol. 39(4), pages 386-396, July.
  8. Weber, Rachel & Bhatta, Saurav Dev & Merriman, David, 2007. "Spillovers from tax increment financing districts: Implications for housing price appreciation," Regional Science and Urban Economics, Elsevier, vol. 37(2), pages 259-281, March.
  9. 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.
  10. James Bugden, 2013. "Renovations and the Repeat-Sales House Price Index," Working Papers 2013.08, School of Economics, La Trobe University.
  11. James Bugden, 2014. "Quality-Adjusted Repeat-Sale House Price Indices," Working Papers 2014.01, School of Economics, La Trobe University.

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