The Construction of Housing Price Indices Using Matching Approach: The Case of Apartments in Daegu

Jung， Taehun; Kim Byung Jo; Jung Changdo

doi:10.15793/kspr.2014.82..006

The Korea Spatial Planning Review

2014, 82(), pp.77-95
DOI : 10.15793/kspr.2014.82..006
Publisher : 국토연구원
Research Area :

Jung， Taehun ¹, Kim Byung Jo ², Jung Changdo ³

¹경북대학교
²한국은행 지역통할실 지역경제팀
³경북대학교 경제학과

ABSTRACT

Housing price index using matching approach is introduced to complement the problems of inaccuracy in hedonic price index and omission of data in Repeat Sales price index and this study marks the first attempt to adopt matching approach for regional analysis. Using actual transaction price data of apartments in Daegu, the results indicate that Matched Repeat Sales index follows the similar pattern as KAB (Korea Appraisal Board) index, KB index or Repeat Sales index. While the hedonic index tends to overestimate the housing price, McMillen index tends to underestimate it. The housing price index presented in this study is expected to contribute to providing additional information to predict housing market.
KEYWORDS

Actual Transaction Price, Matching Approach, Hedonic, Repeat Sales
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