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On Space-Time Changes of Hedonic Prices for Single Family Homes

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  • Krister Sandberg

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    Abstract

    The level of and changes in prices for homes reflect the space-time dynamics in valuation of the underlying attributes connected with the objects. In this paper hedonic prices for single family homes distributed over two Swedish counties are estimated for two years. Changes over space and time are estimated and analyzed. Spatial dependence is found to be influential. Hence, four variables are lagged with a spatial weight matrix. Additional spatial dependence in the error term is treated by Spatial Autoregressive Generalized Moment etimation. Structural and neighborhood characteristics together with accessibility measures are used as attributes. With GIS maps the price pattern over the region and its changes over time are identified. Especially the two county capitals, but also the municipality centers are found to influence the spatial price distribution positively. Moreover, prices rise over time in locations with high accessibility to population and on objects with water provided by the municipality or a very high standard.

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    File URL: http://www-sre.wu-wien.ac.at/ersa/ersaconfs/ersa03/cdrom/papers/275.pdf
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    Bibliographic Info

    Paper provided by European Regional Science Association in its series ERSA conference papers with number ersa03p275.

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    Date of creation: Aug 2003
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    Handle: RePEc:wiw:wiwrsa:ersa03p275

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    1. Benson, Earl D, et al, 1998. "Pricing Residential Amenities: The Value of a View," The Journal of Real Estate Finance and Economics, Springer, vol. 16(1), pages 55-73, January.
    2. David M. Brasington, 1999. "Which Measures of School Quality Does the Housing Market Value?," Journal of Real Estate Research, American Real Estate Society, vol. 18(3), pages 395-414.
    3. Basu, Sabyasachi & Thibodeau, Thomas G, 1998. "Analysis of Spatial Autocorrelation in House Prices," The Journal of Real Estate Finance and Economics, Springer, vol. 17(1), pages 61-85, July.
    4. Bogart, William T. & Cromwell, Brian A., 2000. "How Much Is a Neighborhood School Worth?," Journal of Urban Economics, Elsevier, vol. 47(2), pages 280-305, March.
    5. P Bodson & D Peeters, 1975. "Estimation of the coefficients of a linear regression in the presence of spatial autocorrelation. An application to a Belgian labour-demand function," Environment and Planning A, Pion Ltd, London, vol. 7(4), pages 455-472, April.
    6. Beron, Kurt & Murdoch, James & Thayer, Mark, 2001. "The Benefits of Visibility Improvement: New Evidence from the Los Angeles Metropolitan Area," The Journal of Real Estate Finance and Economics, Springer, vol. 22(2-3), pages 319-37, March-May.
    7. Blomquist, Glenn C & Berger, Mark C & Hoehn, John P, 1988. "New Estimates of Quality of Life in Urban Areas," American Economic Review, American Economic Association, vol. 78(1), pages 89-107, March.
    8. Can, Ayse, 1992. "Specification and estimation of hedonic housing price models," Regional Science and Urban Economics, Elsevier, vol. 22(3), pages 453-474, September.
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