New hedonic estimates of regional constant quality house prices

Article Abstract:

A study was conducted to determine constant quality dwelling prices for four regions of the country. This investigation relies on the House Financing Transaction Database, a national data set gathered by the National Assn. of Realtors (NAR) which provides information on sales prices, locations and characteristics of 5581 houses sold from 1986 to 1992. Using these data, hedonic regressions for the Northeast, Midwest, Southern and Western regions were determined. Comparison between the rates of house price increase manifested by the constant quality indexes and the NAR raw price series indicates that over 50% of home price escalations from the aforementioned time period were the byproduct of characteristic improvements.

Research, Regional economics

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Projecting growth of metropolitan areas

Article Abstract:

The determinants of growth of metropolitan areas (MSAs) are identified. For the study, a three-simultaneous-equation model of growth determinants of MSAs is estimated, focusing on the three dependent variables of MSA population, employment and real wage rate per worker. A total of 320 MSAs are examined, with data for the years of 1970, 1980 and 1990. Projections of the three dependent variables for the year 2000 are then performed. It is revealed that the interaction effects among the variables are robust enough to result in deviations from historical patterns in the prediction of growth for the year 2000. This study is completed in the hopes of furthering scholarly analysis of models similar to the one presented.

Forecasts and trends, Economic development, Growth, Metropolitan areas

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Specification of hedonic regressions: non-nested tests on measures of neighborhood quality

Article Abstract:

A study of the housing prices of 486 sites in the Baltimore metropolitan area has revealed that the race and socio-economic status (SES) of neighbors are more important than the quality of public services in the determination of neighborhood quality. The data were obtained from statistics in the 1978 Baltimore Multiple Listings (MLST), and census statistics for crime and schools. Research results suggest that both SES and race were important, but race was not important because of its relation to SES. Additionally, public services were relatively unimportant.

Standards, Economic aspects, Quality of life, Neighborhood, Neighborhoods, Self-interest, Self interest

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