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A Hedonic Model of Prices and Assessments for Single-Family Homes: Does the Assessor Follow the Market or the Market Follow the Assessor?

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  • Brian J. L. Berry
  • Robert S. Bednarz

Abstract

In this paper, hedonic regressions are used to analyze a seven-year sample of monthly sales of bungalows in Chicago. Even when sales are considered within individual sections of Chicago, the FHA dummy-independent variable and the `points'-independent ...

Suggested Citation

  • Brian J. L. Berry & Robert S. Bednarz, 1975. "A Hedonic Model of Prices and Assessments for Single-Family Homes: Does the Assessor Follow the Market or the Market Follow the Assessor?," Land Economics, University of Wisconsin Press, vol. 51(1), pages 21-40.
  • Handle: RePEc:uwp:landec:v:51:y:1975:i:1:p:21-40
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    Citations

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    Cited by:

    1. William C. Goolsby, 1997. "Assessment Error in the Valuation of Owner-Occupied Housing," Journal of Real Estate Research, American Real Estate Society, vol. 13(1), pages 33-46.
    2. Cotteleer, Geerte & van Kooten, G. Cornelis, 2012. "Expert opinion versus actual transaction evidence in the valuation of non-market amenities," Economic Modelling, Elsevier, vol. 29(1), pages 32-40.
    3. Gill Lim, 1982. "Discrimination, time-lag, and assessment inequity in black neighborhoods," The Review of Black Political Economy, Springer;National Economic Association, vol. 12(1), pages 15-28, September.
    4. Stephen Malpezzi, "undated". "Hedonic Pricing Models: A Selective and Applied Review," Wisconsin-Madison CULER working papers 02-05, University of Wisconsin Center for Urban Land Economic Research.
    5. Geerte Cotteleer & Tracy Stobbe & G. Cornelis van Kooten, 2008. "Expert Opinion versus Transaction Evidence: Using the Reilly Index to Measure Open Space premiums in the Urban-Rural Fringe," Working Papers 2008-06, University of Victoria, Department of Economics, Resource Economics and Policy Analysis Research Group.
    6. Herath, Shanaka & Maier, Gunther, 2010. "The hedonic price method in real estate and housing market research. A review of the literature," SRE-Discussion Papers 588, WU Vienna University of Economics and Business.
    7. Gary C. Cornia & Barrett A. Slade, 2005. "Property Taxation of Multifamily Housing: An Empirical Analysis of Vertical and Horizontal Equity and Assessment Methods," Journal of Real Estate Research, American Real Estate Society, vol. 27(1), pages 17-46.
    8. Hammes, Brian D., 1984. "Hedonic prices for farmland characteristics: an analysis of farm transactions prices for Iowa," ISU General Staff Papers 1984010108000017525, Iowa State University, Department of Economics.
    9. Shi, Song & Young, Martin & Hargreaves, Bob, 2009. "Issues in measuring a monthly house price index in New Zealand," Journal of Housing Economics, Elsevier, vol. 18(4), pages 336-350, December.
    10. Robert Inman, 1978. "Testing political economy’s ‘as if’ proposition: is the median income voter really decisive?," Public Choice, Springer, vol. 33(4), pages 45-65, December.
    11. Brannman, Lance & Buongiorno, Joseph & Fight, Roger, 1981. "Quality Adjusted Price Indices For Douglas-Fir Timber," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 6(02), December.
    12. Olivier Parent & Rainer Hofe, 2013. "Understanding the impact of trails on residential property values in the presence of spatial dependence," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 51(2), pages 355-375, October.

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