Design of Real Estate Price Index System Based on Hedonic Price Method

Abstract

Urban real estate price index (hereinafter referred to as UREPI) is a basic data of the real estate market, its accuracy is very important for enterprises, consumers and housing management department. In view of current research level here in China and popular models, the UREPI system is compiled based on the Hedonic price method because of its advantages such as calculation simple and sample easily etc. Compiled by Eviews the system has three main stages: the data standardization, the benchmark model establishment and the application of two periods chained update method to update price series. UREPI system is combined with the real deal, so it can be used to analysis the market accurately. The results completely meet the design requirements.

An Assessment of Stumpage Price and the Price Index of Chinese Fir Timber Forests in Southern China Using a Hedonic Price Model

“…Traditional indexes that depend on mean or median prices may be less accurate and robust when applied to heterogeneous goods. The hedonic price index is an appropriate index for use with heterogeneous commodities and has been widely applied within the real estate [39][40][41][42][43] and art [44][45][46] markets, and in relation to products such as computers [47][48][49] that reflect rapid technological changes. This index can be implemented using different approaches, for example, the dummy time hedonic (DTH) index and the hedonic imputation (HI) index [50][51][52][53].…”