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Repeat Assessed Values Model for Housing Price Index

Author

Listed:
  • Carini Manuela

    (University of Calabria, 87036Rende (CS), Italy)

  • Ciuna Marina

    (University of Palermo, 90100Palermo, Italy)

  • De Ruggiero Manuela

    (University of Calabria, 87036Rende (CS), Italy)

  • Salvo Francesca

    (University of Calabria, 87036Rende (CS), Italy)

  • Simonotti Marco

    (University of Palermo, 90100Palermo, Italy)

Abstract

This study proposes an innovative methodology, named Repeat Appraised Price Model (RAV), useful for determining the price index numbers for real estate markets and the corresponding index numbers of hedonic prices of main real estate characteristics in the case of a lack of data. The methodological approach proposed in this paper aims to appraise the time series of price index numbers. It integrates the principles of the method of repeat sales with the peculiarities of the Hedonic Price Method, overcoming the problem of an almost total absence of repeat sales for the same property in a given time range; on the other hand, the technique aims to overcome the limitation of the repeat sales technique concerning the inability to take into account the characteristics of individual properties.

Suggested Citation

  • Carini Manuela & Ciuna Marina & De Ruggiero Manuela & Salvo Francesca & Simonotti Marco, 2017. "Repeat Assessed Values Model for Housing Price Index," Real Estate Management and Valuation, Sciendo, vol. 25(4), pages 25-39, December.
    • Handle: RePEc:vrs:remava:v:25:y:2017:i:4:p:25-39:n:3
    DOI: 10.1515/remav-2017-0027
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    References listed on IDEAS

    as
    1. Michelle H. Dreiman & Anthony Pennington-Cross, 2004. "Alternative Methods of Increasing the Precision of Weighted Repeat Sales House Prices Indices," The Journal of Real Estate Finance and Economics, Springer, vol. 28(4), pages 299-317, May.
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    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    real estate market; price index numbers; appraisal system approach; hedonic prices;
    All these keywords.

    JEL classification:

    • R30 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - General

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