Why House Price Indexes Differ: Measurement and Analysis

Mick Silver

No 2012/125, IMF Working Papers from International Monetary Fund

Abstract: A key element in the build-up to the global recession and subsequently was the movement in house price indexes (HPIs). These indexes are particularly prone to methodological and coverage differences which can undermine both within-country and cross-country economic analysis. The paper outlines key measurement issues and reports on empirical work using an international panel data set that (i) considers whether differences in HPI measurement matter and, if so, in what way, and (ii) revisits the measurement of global house price inflation and the modeling of the determinants of house price inflation using HPIs corrected for differences in measurement practice.

Keywords: WP; House price indexes; Housing inflation; Global house price inflation; measurement variable; house price inflation; HPI series; HPI variation; unadjusted house price indexes; HPI methodology; Housing prices; Inflation; Asset prices; Housing; Global (search for similar items in EconPapers)
Pages: 38
Date: 2012-05-01
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Citations: View citations in EconPapers (13)

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