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Constructing a Real-Time Price Index for the Belgian Housing Market using online listings data

Author

Listed:
  • Sven Damen
  • Peter Reusens
  • Joren Vandenbergh
  • Tijmen van Kempen
  • Frank Vastmans

Abstract

This paper presents a novel approach to constructing a real-time price index for the Belgian residential housing market using data from online real estate platforms. Online listing data have the key advantage that they are available real-time, approximately 6 months earlier than the official transaction data. A price index based on this data therefore allows policymakers and other stakeholders to make more informed and accurate decisions. By linking scraped listing data for the period 2014 to 2023 originating from several different online platforms to transaction data, we analyze the disparities between listing and sales price indices. Using information on time on market, the probability of sale and the amount of listings we control for these disparities and develop a listing price index that aligns closely with a sales price index. Furthermore, we show that monitoring trends in time on market and probability of sale can serve as valuable indicators for predicting short term changes in housing prices.

Suggested Citation

  • Sven Damen & Peter Reusens & Joren Vandenbergh & Tijmen van Kempen & Frank Vastmans, 2024. "Constructing a Real-Time Price Index for the Belgian Housing Market using online listings data," ERES eres2024-121, European Real Estate Society (ERES).
    • Handle: RePEc:arz:wpaper:eres2024-121
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    More about this item

    Keywords

    Listing data; Price Index; Residential Real Estate;
    All these keywords.

    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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