A house price index based on the SPAR method

Journal of Housing Economics

Volumn 18, Issue 3, 2009, Pages 214-223

  de Vries, Paul ^a   de Haan, Jan ^b   van der Wal, Erna ^b   Mariën, Gust ^a  

^a DELFT UNIVERSITY OF TECHNOLOGY   (Netherlands)

^b STATISTICS NETHERLANDS   (Netherlands)

Author keywords

Appraisal value; House price index; Repeat sales; SPAR method

Indexed keywords

EID: 70349840778     PISSN: 10511377     EISSN: 10960791     Source Type: Journal    
DOI: 10.1016/j.jhe.2009.07.002     Document Type: Article

References (31)

1. Abraham J.M., and Schauman W.S. New evidence on home prices from Freddie Mac repeat sales. AREUEA Journal 19 (1991) 333-352
2. Bailey M.J., Muth R.F., and Nourse H.O. A regression method for real estate price index construction. Journal of the American Statistical Association 58 (1963) 933-942
3. Baroni, M., Barthélémy, F., Mokrane, M., 2004. Physical Real Estate: A Paris Repeat Sales Residential Index. Working Paper DR04007, ESSEC, Research Center.
4. Bourassa S.C., Hoesli M., and Sun J. A Simple alternative house price index method. Journal of Housing Economics 15 (2006) 80-97
5. Calhoun, C.A., 1996. OFHEO House Price Indexes: HPI Technical Description. Available from: .
6. Case K.E., and Shiller R.J. Prices of single-family homes since 1970: new indexes for four cities. New England Economic Review (1987) 45-56
7. Case K.E., and Shiller R.J. The efficiency of the market for single family homes. American Economic Review 79 (1989) 125-137
8. Clapp J., and Giacotto C. Revisions in repeat-sales price indexes: Here today, gone tomorrow?. Real Estate Economics 27 (1999) 79-104
9. de Haan, J., 2007. Formulae for the Variance of (Changes in) the SPAR Index. Mimeo, Statistics Netherlands, Voorburg, The Netherlands [in Dutch].
10. de Haan, J., van der Wal, E., de Vries, P., 2008. The Measurement of House Prices: A Review of the SPAR Method. Statistics Netherlands. Available from: .
11. de Vries P., and Boelhouwer P.J. Local house price developments and housing supply. Property Management 23 (2005) 80-96
12. de Vries, P., Jansen, S.T., Lamain, C., Boelhouwer, P.J., Coolen, H.C.C.H., van der Wal, E., ter Steege, D., 2006. Market Price and Appraisal Value in the Province of Overijssel, Kadaster, Apeldoorn, The Netherlands [in Dutch].
13. Diewert, W.E., 2003. The Treatment of Owner Occupied Housing and Other Durables in a Consumer Price Index. Discussion Paper No. 95-01, Department of Economics, University of British Columbia, Vancouver. Available from: . Forthcoming In: Diewert, W.E., Greenlees, J., Hulten, C. (Eds.), Price Index Concepts and Measurement, NBER Studies in Income and Wealth. University of Chicago Press.
14. Dreiman M.H., and Pennington-Cross A. Alternative methods of increasing the precision of weighted repeat sales house price indices. Journal of Real Estate Finance and Economics 28 (2004) 299-317
15. Edelstein R.H., and Quan D.C. How does appraisal smoothing bias real estate returns measurement?. Journal of Real Estate Finance and Economics 32 (2006) 41-60
16. Englund P., Quigley J.M., and Redfearn C. Improved price indexes for real estate: measuring the course of Swedish housing prices. Journal of Urban Economics 44 (1998) 171-196
17. Geltner D.M. Smoothing in appraisal-based returns. Journal of Real Estate Finance and Economics 4 (1991) 327-345
18. Goetzmann A. The accuracy of real estate indices: repeat sales estimators. Journal of Real Estate Finance and Economics 5 (1992) 5-53
19. Griliches Z. Price Indices and Quality Change (1971), Harvard University Press, Cambridge, MA
20. Hill R.J., and Melser D. Hedonic imputation and the price index problem: an application to housing. Economic Inquiry 46 (2007) 593-609
21. Jansen S.T., de Vries P., Coolen H.C.C.H., Lamain C., and Boelhouwer P.J. Developing a house price index for the Netherlands: a practical application of weighted repeat sales. Journal of Real Estate Finance and Economics 37 (2008) 163-186
22. Leventis, A., 2006. Removing Appraisal Bias from a Repeat-transactions House Price Index: A Basic Approach. OFHEO Working Paper 06-1.
23. Mason C., and Quigley J.M. Non-parametric hedonic housing prices. Housing Studies 11 (1996) 373-385
24. Rossini, P., Kershaw, P., 2006. Developing a Weekly Residential Price Index Using the Sales Price Appraisal Ratio. Paper presented at the twelfth Annual Pacific-Rim Real Estate Society Conference, 22-25 January 2006, Auckland.
25. Shi, S., 2008. Evaluating a House Price Index Based on the Sale Price Appraisal Ratio (SPAR) Method. Research Paper, Department of Economics and Finance, Massey University, New Zealand.
26. Shiller R. Arithmetic repeat sales price estimators. Journal of Housing Economics 1 (1991) 110-126
27. Sirmans G.S., Macpherson D.A., and Zietz J. The composition of hedonic pricing models. Journal of Real Estate Literature 13 (2005) 3-43
28. Steele M., and Goy R. Short holds, the distributions of first and second sales, and bias in the repeat-sales price index. Journal of Real Estate Finance and Economics 14 (1997) 133-154
29. van der Wal, E., 2008. Price Index Owner-occupied Existing Dwellings: Method Description. Available from: .
30. van der Wal, E., ter Steege, D., Kroese, B., 2006. Two Ways to Construct a House Price Index for the Netherlands: The Repeat Sale and the Sale Price Appraisal Ratio. Paper presented at the OECD-IMF Workshop on Real Estate Price Indexes, Paris, 6-7 November 2006.
31. Wang F.T., and Zorn P.M. Estimating house price growth with repeat sales data: What's the aim of the game?. Journal of Housing Economics 6 (1997) 93-118