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House Price Index
HPI
The Hedonic Index
(Hedonic approach)
Griliches
t
k
(1)
j k
y
e
The Constrained Hedonic Index
(2)
D's
c's
Repeat Sales Index
Repeat Sales
BaileyMuthNourse
(3)
y n
x
u
t
(4)
HPI
Nationwide House Price
IndexHalifax House Price Index
Nationwide House Price Index
OFHEO
HPI
Freddie Mac
Fannie Mae
Freddie Mac
Fannie Mae
Eitrheim Elandsen
Colliers International
HSBC
The Hedonic approach
تاظحم
1. BAILEY, M.J., R.F. MUTH, and H.O. NOURSE, 1963. “A Regression Method for Real Estate
Price Index Construction”, Journal of the American Statistical Association, Vol. 58, pp. 933-
942.
2. BAKER, T., and D. DUFFY, 1998. House Price Index: Methodology Explained, Dublin: Irish
Permanent.
3. CLAPP, J.M., C. GIACCOTTO, and D. TIRTIROGLU, 1991. “Housing Price Indices based on
all transactions compared to repeat subsamples”, American Real Estate and Urban Economics
Association Journal, Vol. 19, pp. 270-285.
4. CLAPP, J.M., and C. GIACCOTTO, 1992. “Estimating Price Indices for Residential Property:
A Comparison of Repeat Sales and Assessed Value Methods”, Journal of the American
Statistical Association, Vol. 87, pp. 300-306.
5. CONNIFFE, D., and DUFFY, D., 1999. " Irish House Price Indices: Methodological Issues",
The Economic and Social Review, Vol. 30, No. 4, pp. 403-423.
6. GATZLAFF, D.H., and D.C. LING, 1994. “Measuring Changes in Local House Prices: An
Empirical Investigation of Alternative Methodologies”, Journal of Urban Economics, Vol. 40,
pp. 221-244.
7. GRILICHES, Z., 1961. “Hedonic Price Indices for Aotomobiles”, in Z. Griliches (ed.), Price
Indices and Quality Change: Studies in New Methods of Measurement, Cambridge: Harvard
University Press.
8. HALVORSEN, P.H., and H.O. POLLAKOWSKI, 1981. “Choice of Functional Form for
Hedonic Price Equations”, Journal of Urban Economics, Vol. 10, pp. 37-49.
9. MEESE, R.A., and N.E. WALLACE, 1997. “The Construction of Residential Housing Price
Indices: A Comparison of Repeat Sales, Hedonic-Regression and Hybrid Approaches”, Journal
of Real Estate Finance and Economics, Vol. 14, pp. 51-73.
10. SHILLER, R., J., 2007. " Understanding recent trends in Houses Prices and Home Ownership",
presented paper at Housing, Housing Finance, and Monetary Policy, an economic symposium
sponsored by the Federal Reserve Bank of Kansas City in Jackson Hole, Wyoming.