The Paris OECD-IMF Workshop on Real Estate Price Indexes: Conclusions and Future Directions

Walter Erwin Diewert ()

UBC Departmental Archives from UBC Department of Economics

Abstract: The paper summarizes the main ideas suggested in OECD-IMF Workshop on Real Estate Price Indexes which was held in Paris, November 6-7, 2006. The paper discusses possible uses and target indexes for real estate price indexes and notes that a major problem is that it is not possible to exactly match the quality of dwelling units over time due to the fact that the housing stock changes in quality due to renovations and depreciation. Four alternative methods for constructing real estate price indexes are discussed: the repeat sales model; the use of assessment information along with property sale information; stratification methods and hedonic methods. The paper notes that the typical hedonic regression method may suffer from specification bias and suggests a way forward. Problems with the user cost method for pricing the services of owner occupied housing are also discussed.

Keywords: Real estate price indexes; housing, index number theory; hedonic regression techniques; repeat sales method; system of national accounts; user costs (search for similar items in EconPapers)
JEL-codes: C43 E31 R21 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-mac and nep-ure
Date: 2007-01-03, Revised 2007-01-31
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Persistent link: http://EconPapers.repec.org/RePEc:ubc:bricol:diewert-07-01-03-08-12-12

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