caa a22 4500 477129986 CHVBK 20180405111702.0 cr unu---uuuuu 170330e19970101xx s 000 0 eng 10.1023/A:1007744706720 doi (NATIONALLICENCE)springer-10.1023/A:1007744706720 Spatial Dependence and House Price Index Construction [Elektronische Daten] [Ay se Can, Isaac Megbolugbe] Accurate estimation of prevailing metropolitan housing prices is important for both business and research investigations of housing and mortgage markets. This is typically done by constructing quality-adjusted house price indices from hedonic price regressions for given metropolitan areas. A major limitation of currently available indices is their insensitivity to the geographic location of dwellings within the metropolitan area. Indices are constructed based on models that do not incorporate the underlying spatial structure in housing data sets. In this article, we argue that spatial structure, especially spatial dependence latent in housing data sets, will affect the precision and accuracy of resulting price estimates. We illustrate the importance of spatial dependence in both the specification and estimation of hedonic price models. Assessments are made on the importance of spatial dependence both on parameter estimates and on the accuracy of resulting indices. Kluwer Academic Publishers, 1997 spatial dependence nationallicence house price index nationallicence hedonic house price model nationallicence locational effects nationallicence GIS nationallicence se Can Ay Fannie Mae, USA aut Megbolugbe Isaac Fannie Mae, USA aut The Journal of Real Estate Finance and Economics Kluwer Academic Publishers 14/1-2(1997-01-01), 203-222 0895-5638 14:1-2<203 1997 14 11146 https://doi.org/10.1023/A:1007744706720 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1023/A:1007744706720 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- se Can Ay Fannie Mae, USA aut NATIONALLICENCE 700 1- Megbolugbe Isaac Fannie Mae, USA aut NATIONALLICENCE 773 0- The Journal of Real Estate Finance and Economics Kluwer Academic Publishers 14/1-2(1997-01-01), 203-222 0895-5638 14:1-2<203 1997 14 11146 Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer