Estimating housing consumption adjustments from panel data

Article Abstract:

Longitudinal analysis is useful for analyzing, understanding, and estimating housing consumption adjustments over time. A fixed-effects longitudinal discrete choice model of housing tenure-choice is applied to a time-series analysis of housing choice utilizing housing-related panel data. The model gives researchers the ability to separate age and cohort effects and to integrate housing choice with mobility analysis from both time-series and cross-sectional variations in housing prices. The model accounts for differences among households due to time variations and elucidates a major link between discrete choice setting and time series analysis. The model offers results collated by age and price that are different from research results from individual and pooled cross-sections indicating that housing choice is impacted by household size and home-owner employment, employment status, and age.

Research, Analysis, Housing research, Consumption (Economics), Urban economics

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Sample selection and biases in local house value indices

Article Abstract:

Reliable housing property value indices are required in the analysis and measurement of variations among a cross section of the nation's housing property values. Earlier research that derived housing property value indices using the typical hedonic method has been found to be potentially biased if the sample of houses used is not a random sample. The possible cause of bias is evaluated and a model on inter-temporal housing property-value price variations is developed, based on a censored regression procedure. The model is applied to empirical data from the Florida Revenue Dept covering the years 1971-1991 to estimate quarterly variations in housing property value for the Miami, FL, MSA. Results may also be useful for cross-sectional research.

Models, Housing, Valuation, Real property, Real estate appraisal, Miami, Florida

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