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Identifier to cite or link to this item: https://hdl.handle.net/10086/18001

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Title
House Prices in Tokyo: A Comparison of Repeat-Sales and Hedonic Measures
Creator
Creator Name
Shimizu, Chihiro Shimizu, Chihiro
清水, 千弘 清水, 千弘
シミズ, チヒロ シミズ, チヒロ
Affiliation
Affiliation Name
Reitaku University
Creator Name
Nishimura, Kiyohiko G. Nishimura, Kiyohiko G.
西村, 清彦 西村, 清彦
ニシムラ, キヨヒコ ニシムラ, キヨヒコ
Affiliation
Affiliation Name
Bank of Japan
Creator Name
Watanabe, Tsutomu Watanabe, Tsutomu
渡辺, 努 渡辺, 努
Affiliation
Affiliation Name
Hitotsubashi University
Editor
Contributor Name
日本経済の物価変動ダイナミクスの解明 = Understanding Inflation Dynamics of the Japanese Economy
Key Word
hedonic price index
repeat sales price index
aggregation bias
housing depreciation
JEL
C43
C81
R21
R31
Abstract
Do the indexes of house prices behave differently depending on the estimation methods? If so, to what extent? To address these questions, we use a unique dataset that we have compiled from individual listings in a widely circulated real estate advertisement magazine. The dataset contains more than 400 thousand listings of housing prices in 1986 to 2008, including the period of housing bubble and its burst. We find that there exists a substantial discrepancy in terms of turning points between hedonic and repeat sales indexes, even though the hedonic index is adjusted for structural change and the repeat sales index is adjusted in a way Case and Shiller suggested. Specifically, the repeat sales measure tends to exhibit a delayed turn compared with the hedonic measure; for example, the hedonic measure of condominium prices hit bottom at the beginning of 2002, while the corresponding repeat-sales measure exhibits reversal only in the spring of 2004. Such a discrepancy cannot be fully removed even if we adjust the repeat sales index for depreciation (age effects).
Description
First Draft: May 21, 2009; This version: November 8, 2009
Publisher
Research Center for Price Dynamics, Institute of Economic Research, Hitotsubashi University
Issued Date
2009-11-10
Language
English(eng)
Resource Type
technical report
Version Type
VoR
Is Part OfRelation -
Related Title
Working Paper Series ; No. 48
Relation
Related Identifier
URI
  http://www.ier.hit-u.ac.jp/~ifd/
Number of Pages
24
Sponsorship
日本学術振興会・科学研究費補助金（学術創成研究費） = JSPS Grant-in-Aid for Creative Scientific Research
Appears in Collections
Working Paper Series / Understanding Inflation Dynamics of the Japanese Economy
URL
https://hdl.handle.net/10086/18001