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The Paris OECD-IMF Workshop on Real Estate Price Indexes: Conclusions and Future Directions

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  • Diewert, Erwin

Abstract

The paper summarizes the main ideas suggested in OECD-IMF Workshop on Real Estate Price Indexes which was held in Paris, November 6-7, 2006. The paper discusses possible uses and target indexes for real estate price indexes and notes that a major problem is that it is not possible to exactly match the quality of dwelling units over time due to the fact that the housing stock changes in quality due to renovations and depreciation. Four alternative methods for constructing real estate price indexes are discussed: the repeat sales model; the use of assessment information along with property sale information; stratification methods and hedonic methods. The paper notes that the typical hedonic regression method may suffer from specification bias and suggests a way forward. Problems with the user cost method for pricing the services of owner occupied housing are also discussed.

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File URL: http://microeconomics.ca/erwin_diewert/dp0701.pdf
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Bibliographic Info

Paper provided by Vancouver School of Economics in its series Economics working papers with number diewert-07-01-03-08-12-12.

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Length: 33 pages
Date of creation: 03 Jan 2007
Date of revision: 31 Jan 2007
Handle: RePEc:ubc:bricol:diewert-07-01-03-08-12-12

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Web page: http://www.economics.ubc.ca/

Related research

Keywords: Real estate price indexes; housing; index number theory; hedonic regression techniques; repeat sales method; system of national accounts; user costs;

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References

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  1. Paul Schreyer, 2001. "The OECD Productivity Manual: A Guide to the Measurement of Industry-Level and Aggregate Productivity," International Productivity Monitor, Centre for the Study of Living Standards, vol. 2, pages 37-51, Spring.
  2. Silver, Mick & Heravi, Saeed, 2005. "A Failure in the Measurement of Inflation: Results From a Hedonic and Matched Experiment Using Scanner Data," Journal of Business & Economic Statistics, American Statistical Association, vol. 23, pages 269-281, July.
  3. 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.
  4. Diewert, W. E., 1976. "Exact and superlative index numbers," Journal of Econometrics, Elsevier, vol. 4(2), pages 115-145, May.
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Citations

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Cited by:
  1. Quan Gan & Robert J. Hill, 2008. "Measuring Housing Affordability: Looking Beyond the Median," Discussion Papers 2008-09, School of Economics, The University of New South Wales.
  2. Wong, SK & Chau, KW & Karato, K & Shimizu, Chihiro, 2013. "Separating the Age Effect from a Repeat Sales Index: Land and Structure Decomposition," HIT-REFINED Working Paper Series 5, Institute of Economic Research, Hitotsubashi University.
  3. W. Erwin Diewert, 2009. "Durables and Owner-Occupied Housing in a Consumer Price Index," NBER Chapters, in: Price Index Concepts and Measurement, pages 445-500 National Bureau of Economic Research, Inc.
  4. Robert J. Hill & Iqbal A. Syed, 2012. "Hedonic Price-Rent Ratios, User Cost, and Departures from Equilibrium in the Housing Market," Graz Economics Papers 2012-08, University of Graz, Department of Economics.
  5. C. Shimizu & W. E. Diewert & K. G. Nishimura & T. Watanabe, 2012. "Estimating Quality Adjusted Commercial Property Price Indexes Using Japanese REIT Data," CARF F-Series CARF-F-307, Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo, revised Feb 2013.
  6. Juan Carmona Pidal & Markus Lampe & Joan R. Roses, 2011. "Spanish housing markets during the first phase of the rural-urban transition process," Working Papers in Economic History wp11-08, Universidad Carlos III, Departamento de Historia Económica e Instituciones.
  7. Robert J. Hill & Daniel Melser, 2007. "Comparing House Prices Across Regions and Time: An Hedonic Approach," Discussion Papers 2007-33, School of Economics, The University of New South Wales.
  8. Quan Gan & Robert J. Hill, 2008. "A New Perspective on the Relationship Between House Prices and Income," Discussion Papers 2008-13, School of Economics, The University of New South Wales.

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