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Hedonic Housing Price Indices: The Turinese Experience

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Author Info
Piermassimo Pavese () (University of Eastern Piedmont, Alessandria and Agenzia del Territorio, Asti)

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Abstract

This study presents the methodology used by the Agenzia del territorio to produce real-estate indices for the analysis of the housing market in the Turinese area districts. The importance of an index is highlighted by the fact that a significant percentage of national wealth is the property sector. To this end, we use a rich and detailed database on transaction prices which allows us to study the dynamics of the residential housing market through the estimation of hedonic price indexes for Turin. This study carried out an hedonic methodology, not yet applied in Italy, on data collected and aggregates in homogeneous areas for the city of Turin. The results obtained appear to be of valid significance in the ratios, also in terms of values. Home price increased 40 percent from first semester of 2003 through the second semester of 2007.

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File URL: http://www.rivistapoliticaeconomica.it/2007/nov-dic/pdf/pavese_ing.pdf
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Publisher Info
Article provided by SIPI Spa in its journal Rivista di Politica Economica.

Volume (Year): 97 (2007)
Issue (Month): 6 (November-December)
Pages: 113-148
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Handle: RePEc:rpo:ripoec:v:97:y:2007:i:6:p:113-148

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Find related papers by JEL classification:
D49 - Microeconomics - - Market Structure and Pricing - - - Other
D69 - Microeconomics - - Welfare Economics - - - Other
C4 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics
R2 - Urban, Rural, and Regional Economics - - Household Analysis

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  1. Michelle H. Dreiman & Anthony Pennington-Cross, 2004. "Alternative Methods of Increasing the Precision of Weighted Repeat Sales House Prices Indices," The Journal of Real Estate Finance and Economics, Springer, vol. 28(4), pages 299-317, 05. [Downloadable!]
  2. Bradford Case & Henry O. Pollakowski & Susan M. Wachter, 1991. "On Choosing Among House Price Index Methodologies," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 19(3), pages 286-307. [Downloadable!] (restricted)
  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. Charles R. Hulten, 2003. "Price hedonics: a critical review," Economic Policy Review, Federal Reserve Bank of New York, issue Sep, pages 5-15. [Downloadable!]
  5. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb.. [Downloadable!] (restricted)
  6. Can, Ayse & Megbolugbe, Isaac, 1997. "Spatial Dependence and House Price Index Construction," The Journal of Real Estate Finance and Economics, Springer, vol. 14(1-2), pages 203-22, Jan.-Marc. [Downloadable!] (restricted)
  7. Hans Wolfgang Brachinger, 2002. "Statistical Theory of Hedonic Price Indices," DQE Working Papers 1, Department of Quantitative Economics, University of Freiburg/Fribourg Switzerland, revised Aug 2003. [Downloadable!]
  8. Wang, Ferdinand T. & Zorn, Peter M., 1997. "Estimating House Price Growth with Repeat Sales Data: What's the Aim of the Game?," Journal of Housing Economics, Elsevier, vol. 6(2), pages 93-118, June. [Downloadable!] (restricted)
  9. Dixie M. Blackley & James R. Follain & Haeduck Lee, 1986. "An Evaluation of Hedonic Price Indexes for Thirty-four Large SMSAs," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 14(2), pages 179-205. [Downloadable!] (restricted)
  10. 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)
  11. Karl E. Case & John M. Quigley & Robert J. Shiller, 2005. "Comparing Wealth Effects: The Stock Market versus the Housing Market," The B.E. Journal of Macroeconomics, Berkeley Electronic Press, vol. 0(1). [Downloadable!]
  12. Jonathan H. Mark & Michael A. Goldberg, 1984. "Alternative Housing Price Indices: An Evaluation," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 12(1), pages 30-49. [Downloadable!] (restricted)
  13. Karl E. Case & Robert J. Shiller, 1987. "Prices of single-family homes since 1970: new indexes for four cities," New England Economic Review, Federal Reserve Bank of Boston, issue Sep, pages 45-56.
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  14. Silver, Mick & Heravi, Saeed, 2001. "Scanner Data and the Measurement of Inflation," Economic Journal, Royal Economic Society, vol. 111(472), pages F383-404, June. [Downloadable!] (restricted)
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