Hedonic prices, price indices and housing markets |
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Authors: | Allen C. Goodman |
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Affiliation: | Center for Metropolitan Planning and Research and Department of Politicial Economy, The Johns Hopkins University, Baltimore, Maryland 21218 USA |
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Abstract: | This paper extends hedonic price analysis to the formation of housing price indices measuring variation within a metropolitan area. In forming these indices fifteen submarkets, heterogeneous across time and space, are described within a short-run equilibrium model. Linear functional forms are generally rejected using a method proposed by Box and Cox. Aggregation of hedonic price coefficients into standardized units yields significantly higher housing prices in the central city than in its suburbs, as well as differential effects of structural and neighborhood improvements among submarkets. |
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