摘要:

AREUEA is pleased to acknowledge the support of the National Association of REALTORS for this special issue on house prices. We are particularly grateful to John Tuccillo, Senior Vice President and Chief Economist at NAR, for recognizing the importance of this emerging research area. The editors also acknowledge the support of their colleges at The Ohio State University and of the Homer Hoyt Institute.

ISSN:1080-8620    

DOI:10.1111/1540-6229.00552

出版商:Blackwell Publishing Ltd    

年代:1991

数据来源: WILEY

摘要:

The set of real properties sold during a given period of time may be subdivided into several subsets comprising those properties that sold only once, only twice, and three or more times. The major reason for subdividing the sample is to allow estimation of residential price indices by the repeat‐sales methodology. The purpose of this paper is to compare price indices estimated with the repeat subsample to indices based on the entire sample.Our data for five metropolitan areas indicate that cumulative price trends for the repeat subsamples can differ from the full samples over periods ranging from two to ten quarters. While short‐term price trends can differ widely, there are no systematic differences among the samples over periods of three years or more. The data indicate that arbitrage typically forces prices for the repeat sample to grow at the same rate as those for the full sample. Whether this would be the case in areas experiencing greater disequilibrium than our towns in the Hartford area is uncert

ISSN:1080-8620    

DOI:10.1111/1540-6229.00553

出版商:Blackwell Publishing Ltd    

年代:1991

数据来源: WILEY

摘要:

This paper compares housing price indices estimated using three models with several sets of property transaction data. The commonly used hedonic price model suffers from potential specification bias and inefficiency, while the weighted repeat‐sales model presents potentially more serious bias and inefficiency problems. A hybrid model combining hedonic and repeat‐sales equations avoids most of these sources of bias and inefficiency. This paper evaluates the performance of each type of model using a particularly rich local housing market database. The results, though ambiguous, appear to confirm the problems with the repeat sales model but suggest that systematic differences between repeat‐transacting and single‐transacting properties lead to bias in the hedonic and hybrid models

ISSN:1080-8620    

DOI:10.1111/1540-6229.00554

出版商:Blackwell Publishing Ltd    

年代:1991

数据来源: WILEY

摘要:

Parametric specifications for hedonic price equations are estimated using a data set from Alameda and San Francisco Counties and are compared to estimates using a nonparametric technique called locally weighted regression, LWR. LWR permits flexible estimation of the hedonic's curvature at median attributes and is less sensitive than standard regression techniques to the influence of unusual observations. The technique also avoids imposing a single functional form across time and municipalities. The LWR estimates of municipality‐specific hedonics are then used to obtain implicit prices for housing attributes and to derive municipality‐specific price indices. The results of extensive diagnostic checks of our technique are also repor

ISSN:1080-8620    

DOI:10.1111/1540-6229.00555

出版商:Blackwell Publishing Ltd    

年代:1991

数据来源: WILEY

摘要:

The weighted repeat sales price index methodology recently reported in Case and Shiller [5][6]is applied to a dataset of over eight million loans bought by the Federal Home Loan Mortgage Corporation over the last twenty years. Regional price indices are reported and compared to indices from other sources. Statistical issues in the creation of the index, both technical and due to sample selectivity of the Freddie Mac dataset, are extensively discussed. It is found that the new index grows at a rate similar to other indices up until 1985, after which time it grows at a significantly higher rate.

ISSN:1080-8620    

DOI:10.1111/1540-6229.00556

出版商:Blackwell Publishing Ltd    

年代:1991

数据来源: WILEY

摘要:

We assess the conceptual and empirical features of a number of house price series for the United States. We then calculate a measure of the net up‐grading of the existing stock of houses that took place during the 1950–1989 period and adjust price indexes for this net increase in quality. Judgments about the trend, volatility, and determinants of house prices are shown to depend crucially on which price series is used. The Freddie Mac upgrade‐adjusted house price measure rose 5.7% over the past four decades, falling 7.7% from 1950 through 1970 before rising 14.5% from 1970 through 1989. Real house prices declined in the early 1980s due to the increase in real after‐tax interest rates and the decline in real materials costs. The recovery of house prices in the late 1980s is attributed to lower unemployment and real after‐tax interest rates and particularly to demographic factors associated with the aging of bab

ISSN:1080-8620    

DOI:10.1111/1540-6229.00557

出版商:Blackwell Publishing Ltd    

年代:1991

数据来源: WILEY

摘要:

A number of studies have related changes in the demand for housing to changes in user cost. All have treated housing as a composite good rather than as a bundle of characteristics. We consider the effect of changing user cost on the demand for the component characteristics of owner‐occupied housing, and, given information about the supply of the characteristics, we predict implicit price responses. An empirical test of our model indicates that reductions in user cost result in higher real prices for the non‐replicable attributes of housing, examples being location and access to fixed amenities. In contrast, the price of attributes that are perfectly elastic in supply are not affected by changes in user costs. We conclude that the effects of changing user cost are not uniform across housing types and locations, thus generating the appearance of housing submark

ISSN:1080-8620    

DOI:10.1111/1540-6229.00558

出版商:Blackwell Publishing Ltd    

年代:1991

数据来源: WILEY

摘要:

Real estate cycles often generate sharp swings in real housing prices, price changes that cannot be adequately described by a single statistic such as median home values. Instead, the entire structure of prices across all quality levels must be examined. This paper analyzes the price impact of the Houston, Texas, real estate bust. It shows that the average price of housing fell, and that the structure of the housing price function itself changed. Changes in the marginal price of housing were probably more significant to the market equilibrating process than the decline in average price alone.

ISSN:1080-8620    

DOI:10.1111/1540-6229.00559

出版商:Blackwell Publishing Ltd    

年代:1991

数据来源: WILEY

摘要:

While long‐term returns to capital invested in owner‐occupied housing have been competitive with other investment alternatives, no evidence exists on the market performance of the owner‐occupied housing in which low‐ and moderate‐income households would be most likely to invest. This article thus attempts to answer the question of whether the “affordable housing units” that are relevant to policy discussions concerning low‐ and moderate‐income homeownership have experienced different rates of price appreciation than have higher valued dwellings. The national file of the American Housing Survey is used to estimate appreciation rates by value class in representative U.S. housing markets. We find that for the period 1974 through 1983 appreciation rates for lower valued housing were generally about equal to those for high

ISSN:1080-8620    

DOI:10.1111/1540-6229.00560

出版商:Blackwell Publishing Ltd    

年代:1991

数据来源: WILEY

摘要:

This article develops a method for estimating current geographical differences in the cost of living index for all states for 1981–1990. These estimates based on BLS data are shown to correspond closely to statewide cost of living estimates for 1989 based on the American Chamber of Commerce Research Association data for selected cities.Living costs are highest in Hawaii, Alaska, Connecticut, Washington D.C., New Jersey, Massachusetts, New York, and California. They are lower in Mississippi, West Virginia, Arkansas, Idaho, and Utah. The basic pattern persists since 1977 with shifts related to economic growth rate

ISSN:1080-8620    

DOI:10.1111/1540-6229.00561

出版商:Blackwell Publishing Ltd    

年代:1991

数据来源: WILEY