Improved Price Indexes for Real Estate: Measuring the Course of Swedish Housing Prices

This paper presents an improved methodology for estimating asset prices for real estate and other durables. The method is used to analyze house price dynamics by exploiting an unusually rich and detailed body of data—extensive descriptive and financial information on every house sale in Sweden durin...

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Bibliographic Details
Published in:Journal of urban economics 1998-09, Vol.44 (2), p.171-196
Main Authors: Englund, Peter, Quigley, John M, Redfearn, Christian L
Format: Article
Language:English
Subjects:
Asset valuation
Estimation
Housing
Housing prices
Methodology
Price level
Real estate
Real estate valuation
Sweden
Urban economics
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Description
Summary:This paper presents an improved methodology for estimating asset prices for real estate and other durables. The method is used to analyze house price dynamics by exploiting an unusually rich and detailed body of data—extensive descriptive and financial information on every house sale in Sweden during a 12-year period. The results confirm the importance of many aspects of quality in affecting the course of housing prices, as well as the role of individual-specific and idiosyncratic aspects of housing. The results are compared with the price trends produced by more primitive methods and published by official sources.
ISSN:0094-1190
1095-9068
DOI:10.1006/juec.1997.2062