Hedonic Models and House Price Index Numbers

Robert Hill () and Alicia Rambaldi ()

No WP152021, CEPA Working Papers Series from University of Queensland, School of Economics

Abstract: We survey some recent developments in the literature on hedonic price indices for housing. The main classes of hedonic methods are presented along with some new methods that have become popular recently. A number of new approaches are then considered for controlling for location in hedonic models. Next we consider how hedonic models can be used to construct separate price indices for land and structures. Significant progress has been made recently in this field. The survey concludes with a discussion of ways of computing higher frequency (e.g., weekly) hedonic price indices, and ways of deriving house price indices for the whole housing stock, as opposed to just those properties that have traded recently.

Keywords: Adoption of hedonic indices; Controlling for location; Land and structure indices; Higher frequency indices (search for similar items in EconPapers)
JEL-codes: C31 C43 E01 E31 E52 R31 (search for similar items in EconPapers)
Date: 2021-10
New Economics Papers: this item is included in nep-mac and nep-ure
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https://economics.uq.edu.au/files/33032/Wp152021.pdf (application/pdf)

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Chapter: Hedonic Models and House Price Index Numbers (2022)
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Persistent link: https://EconPapers.repec.org/RePEc:qld:uqcepa:169

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