A house price index based on the SPAR method

Vries, Paul de; Haan, J. de; Wal, Erna van der; Mariën, Gust

doi:10.1016/j.jhe.2009.07.002

Cited by 47 publications

(28 citation statements)

References 20 publications

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“…House price indexes can be based on actual market data or expert surveys or even a combination of the two (for an example of the latter see de Vries et al ., ). Market prices for indexes using actual market data can take the form of asking prices, the price on which a mortgage backed offer is based, the price at which contracts are exchanged, or the actual price that is eventually officially recorded.…”

Section: The Problem With Measuring Movements In House Prices Using Mmentioning

confidence: 97%

Hedonic Price Indexes for Residential Housing: A Survey, Evaluation and Taxonomy

Hill

2012

Journal of Economic Surveys

146

122

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Every house is different. It is important that house price indexes take account of these quality differences. Hedonic methods which express house prices as a function of a vector of characteristics (such as number of bedrooms and bathrooms, land area and location) are particularly useful for this purpose. I consider here some developments in the hedonic methodology, as it is applied in a housing context, that have occurred in the last three decades. A number of hedonic house price indexes are now available. However, it is often difficult to see how these indexes relate to each other. For this reason I attempt to impose some structure on the literature by developing a taxonomy of hedonic indexes, and then show how existing indexes fit into this taxonomy. Also discussed are some promising areas for future research in the hedonic field. In particular, greater use needs to be made of spatial econometric and nonparametric methods to exploit the increased availability of geospatial data. The main criticisms of the hedonic approach are evaluated and compared with those of the repeat‐sales and stratified median methods. The overall conclusion is that the advantages of the hedonic approach outweigh its disadvantages.

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Section: The Problem With Measuring Movements In House Prices Using Mmentioning

confidence: 97%

Hedonic Price Indexes for Residential Housing: A Survey, Evaluation and Taxonomy

Hill

2012

Journal of Economic Surveys

146

122

View full text Add to dashboard Cite

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“…More recently, increasing attention has been paid to the hybrid approach and to special applications for thin markets (Francke (2010), Schwann (1998)). The SPAR (sale-price appraisal ratio) method is also presented in the literature as a less error-prone alternative to the existing regression-based methodologies (De Vries et al (2009), Bourassa et al (2006). As the size and structure of the data sample as well as the availability of alternative data dictated the possible choices of index only those arguments are extracted from the literature which are relevant for the present case.…”

Section: Methods Of Index Constructionmentioning

confidence: 99%

The historical development of the Swiss rental market – A new price index

Constantinescu¹,

Francke

2013

Journal of Housing Economics

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“…Research in house index prices includes Vries et al (2009) who describe the construction of the Netherlands house price index, following the proposal of Jansen et al (2008). Ayuso and Restoy (2007) analyse the fundamentals of Spanish housing prices investigating the relationship between the prices and the rents with VAR and GMM methods.…”

Section: Background and Literature Reviewmentioning

confidence: 99%

Long memory and fractional integration in the housing price series of London and Paris

2014

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This article deals with the analysis of house price indexes from a long-range dependence viewpoint. In particular, it estimates the fractional differencing parameter in the London and Paris house price series recognizing in some cases the potential seasonality and allowing for breaks in the data. Moreover, it analyses the stability of the parameters across the sample period examined. It is concluded that the series are nonstationary but mean reverting in some cases and very persistent in others. Policy implications are derived.

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A house price index based on the SPAR method

Cited by 47 publications

References 20 publications

Hedonic Price Indexes for Residential Housing: A Survey, Evaluation and Taxonomy

Hedonic Price Indexes for Residential Housing: A Survey, Evaluation and Taxonomy

The historical development of the Swiss rental market – A new price index

Long memory and fractional integration in the housing price series of London and Paris

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