The Reliable Measurement of House Price Developments in Volatile Times

Petra Visser

ERES from European Real Estate Society (ERES)

Abstract: In times of crisis, such as now, the number of transactions has dropped dramatically and in what way can traditional House price indices cope with this situation and are the outcomes still reliable? What research method to construct a HPI is the best way to deal with the dramatic fall in the amount of transactions?. The conclusion is that in volatile times traditional methods, such as repeat sales and hedonic pricing are not sufficient and generate unreliable outcomes, certainly when we analyse smaller areas (e.g. neighbourhoods), whereas the WOX HPI, which makes use of a Hybrid Method still generates reliable outcomes.

JEL-codes: R3 (search for similar items in EconPapers)
Date: 2009-01-01
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