List Price Information in Residential Appraisal and Underwriting

John Ross Knight, C. F. Sirmans () and Geoffrey K. Turnbull ()
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C. F. Sirmans: Center for Real Estate and Urban Economic Studies University of Connecticut Storrs, CT 06269-2041, http://www.sba.uconn.edu/index.htm
Geoffrey K. Turnbull: Economics Department Louisiana State University Baton Rouge, Louisiana 70803, http://www.bus.lsu.edu/economics/

Journal of Real Estate Research, 1998, vol. 15, issue 1, pages 59-76

Abstract: This article examines the usefulness of listing prices as leading indicators of house values and as predictors of the direction of housing markets. With Multiple Listing Service data from a large metropolitan area, we create two price indexes, using first listing price and then selling price as the dependent variable in the hedonic regressions. The market is then geographically and categorically segmented, and Granger causality tests are performed to analyze the leading aspect of list prices in the list price-sales price relationship. We find that different segments of the market perform quite differently over the time period of our study, suggesting that for data-based appraisal purposes care is needed in determining the manner and level of aggregation. We also find, however, that market list prices continue to convey important information about subsequent selling prices in most market segments.

JEL-codes: L85 (search for similar items in EconPapers)
Date: 1998
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