House Price Index Construction in the Nascent Housing Market: The Case of China

Journal of Real Estate Finance and Economics

Volumn 48, Issue 3, 2014, Pages 522-545

  Wu, Jing ^a,b   Deng, Yongheng ^b   Liu, Hongyu ^a  

^a TSINGHUA UNIVERSITY   (China)

^b NATIONAL UNIVERSITY OF SINGAPORE   (Singapore)

Author keywords

Hedonic method; House price index; Nascent housing market; Quality change

Indexed keywords

EID: 84897106575     PISSN: 08955638     EISSN: None     Source Type: Journal    
DOI: 10.1007/s11146-013-9416-1     Document Type: Article

References (41)

1. Ahuja, A., Cheung, L., Han, G., Porter, N., & Zhang, W. (2010). Are house prices rising too fast in China? IMF Working Paper No. WP/10/274.
2. Anglin, P., Rutherford, R., & Springer, T. (2003). The trade-off between the selling price of residential properties and time-on-the-market: the impact of price setting. Journal of Real Estate Finance and Economics, 26(1), 95-111.
3. Bailey, M. J., Muth, R. F., & Nourse, H. O. (1963). A regression method for real estate price index construction. Journal of the American Statistical Association, 58(304), 933-942.
4. Case, B., & Quigley, J. (1991). The dynamics of real estate prices. Review of Economics & Statistics, 73(1), 50-58.
5. Case, K. E., & Shiller, R. (1987). Prices of single family homes since 1970: new indexes for four cities. New England Economic Review, 1, 45-56.
6. Case, K. E., & Shiller, R. (1989). The efficiency of the market for single-family homes. American Economic Review, 79(1), 125-137.
7. Case, B., & Szymanoski, E. (1995). Precision in house price indices: findings of a comparative study of house price index methods. Journal of Housing Research, 6(3), 483-496.
8. Case, B., Pollakowski, H., & Wachter, S. (1991). On choosing among house price index methodologies. AREUEA Journal, 19(3), 286-307.
9. Chau, K. W., Wong, S. K., & Yiu, C. Y. (2005). Adjusting for non-linear age effects in the repeat sales index. Journal of Real Estate Finance and Economics, 31(2), 137-153.
10. Chen, J., Hao, Q., & Stephens, M. (2010). Assessing housing affordability in post-reform China: a case study of Shanghai. Housing Studies, 25(6), 877-901.
11. Chen, J., Guo, F., & Wu, Y. (2011). One decade of urban housing reform in China: urban housing price dynamics and the role of migration and urbanization, 1995-2005. Habitat International, 35(1), 1-8.
12. Clapman, E., Englund, P., Quigley, J., & Redfearn, C. (2006). Revisiting the past and settling the score: index revision for house price derivatives. Real Estate Economics, 34(2), 275-302.
13. Crowe, C., Dell'Ariccia, G., Igan, D., & Rabanal, P. (2011). Policies for macrofinancial stability: options to deal with real estate booms. IMF Staff Discussion Note No. SDN/11/02.
14. Deng, Y., & Quigley, J. (2008). Index revision, house price risk, and the market for house price derivatives. Journal of Real Estate Finance and Economics, 37(3), 191-209.
15. Deng, X., Huang, J., Rozelle, S., & Uchida, E. (2010). Economic growth and the expansion of urban land in China. Urban Studies, 47(4), 813-843.
16. Deng, Y., Morck, R., Wu, J., & Yeung, B. (2011). Monetary and fiscal stimuli, ownership structure, and China's housing market. NBER Working Paper No. 16871.
17. Deng, Y., McMillen, D., & Sing, T. F. (2012). Private residential price indices in Singapore: a matching approach. Regional Science and Urban Economics, 42(3), 485-494.
18. Dorsey, R., Hu, H., Mayer, W., & Wang, H. (2010). Hedonic versus repeat-sales housing price indexes for measuring the recent boom-bust cycle. Journal of Housing Economics, 19(2), 75-93.
19. Dreger, C., & Zhang, Y. (2010). Is there a bubble in the Chinese housing market? European University Viadrina Frankfurt (Oder), Department of Business Administration and Economics Discussion Paper No. 290.
20. Forgey, F., Rutherford, R., & Springer, T. (1996). Search and liquidity in single-family housing. Real Estate Economics, 24(3), 273-292.
21. Genesove, D., & Mayer, C. (2001). Loss aversion and seller behavior: evidence from the housing market. Quarterly Journal of Economics, 116(1), 1233-1260.
22. Gourieroux, C., & Laferrere, A. (2009). Managing hedonic housing price indexes: the French experience. Journal of Housing Economics, 18(3), 206-213.
23. Haurin, D. (1988). The duration of marketing time of residential housing. Real Estate Economics, 16(4), 396-410.
24. Haurin, D., & Hendershott, P. (1991). House price indexes: issues and results. AREUEA Journal, 19(3), 259-269.
25. Hill, R. C., Knight, J. R., & Sirmans, C. F. (1997). Estimating capital asset price indexes. Review of Economics and Statistics, 79(2), 226-233.
26. Hui, E., & Shen, Y. (2006). Housing price bubbles in Hong Kong, Beijing and Shanghai: a comparative study. Journal of Real Estate Finance and Economics, 33(4), 299-327.
27. IMF. (2011). Global economic prospects and policy challenges. http://www. imf. org/external/np/g20/pdf/021811. pdf.
28. Kain, J., & Quigley, J. (1970). Measuring the value of housing quality. Journal of the American Statistical Association, 65(330), 532-548.
29. Kiel, K., & Zabel, J. (1997). Evaluating the usefulness of the American housing survey for creating house price indices. Journal of Real Estate Finance and Economics, 14(1/2), 189-202.
30. Leung, T. C., & Tsang, K. P. (2011). Anchoring and loss aversion in the housing market: implications on price dynamics. HKIMR Working Paper #2011-28.
31. McMillen, D. (2008). Changes in the distribution of house prices over time: structural characteristics, neighborhood or coefficients? Journal of Urban Economics, 64(3), 573-589.
32. Nagaraja, C., Brown, L., & Wachter, S. (2010). House price index methodology. working paper.
33. Northcraft, G., & Neale, M. (1987). Experts, amateurs, and real estate: an anchoring-and-adjustment perspective on property pricing decisions. Organizational Behavior and Human Decision Processes, 39(1), 84-97.
34. Quigley, J. (1995). A simple hybrid model for estimating price indexes. Journal of Housing Economics, 4(1), 1-12.
35. Thibodeau, T. (1989). Housing price indexes from the 1974-1983 SIMSA annual housing surveys. AREUEA Journal, 17(1), 100-117.
36. Wang, Y. (2001). Urban housing reform and finance in China: a case study of Beijing. Urban Affairs Review, 36(5), 620-645.
37. Wang, Y. (2003). Social and spatial implications of housing reform in China. International Journal of Urban and Regional Research, 24(2), 397-417.
38. Wang, S. (2011). State misallocation and housing prices: theory and evidence from China. American Economic Review, 101(5), 2081-2107.
39. Wu, F., Xu, J., & Yeh, A. (2007). Urban development in post-reform China: State, market, and space. London: Routledge.
40. Wu, J., Gyourko, J., & Deng, Y. (2012). Evaluating conditions in major Chinese housing markets. Regional Science and Urban Economics, 42(3), 531-543.
41. Yang, Z., & Shen, Y. (2008). The affordability of owner occupied housing in Beijing. Journal of Housing and the Built Environment, 23(4), 317-335.