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The Application of the Time Dummy Variable Method for Calculating the Hedonic Index of Housing Prices at Mid-Size Markets

Author

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  • Krzysztof Nowak

    (absolwent studiów doktoranckich na Uniwersytecie Ekonomicznym w Krakowie)

Abstract

Over the last few years there have been rapid changes on the Polish real estate market. Significant price fluctuations have emphasised the need for the implementation of new tools to measure changes in the housing market. Most of housing market articles which appear in the media are based on the calculation of average or median prices per sqm. However, these measures do not include the quality adjustment of tested goods, which in turn is an advantage of hedonic price indices. In the paper, the application of the time dummy variable methods for calculating the hedonic index of housing prices was examined, using the data for the city of Rzeszów.

Suggested Citation

  • Krzysztof Nowak, 2015. "The Application of the Time Dummy Variable Method for Calculating the Hedonic Index of Housing Prices at Mid-Size Markets," World of Real Estate Journal (Swiat Nieruchomosci), Fundacja Uniwersytetu Ekonomicznego w Krakowie, issue 91, pages 5-12, March.
    • Handle: RePEc:kra:journl:y:2015:i:91:p:5-12
    DOI: 10.14659/worej.2015.91.01
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    More about this item

    Keywords

    hedonic housing price index; time dummy variable method; housing prices; housing market;
    All these keywords.

    JEL classification:

    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets

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