4.7 Article

A new framework to disentangle the impact of changes in dwelling characteristics on house price indices

Related references

Note: Only part of the references are listed.
Article Economics

Mortgage credit and house prices: The housing market equilibrium revisited

Rosa van der Drift et al.

Summary: Over the past decade, house prices in nearly all OECD countries have experienced substantial increases, which can be attributed to changes in mortgage credit conditions such as lower interest rates and higher income. Existing literature has established an equilibrium relationship between mortgage credit and house prices, but lacks an analysis of the driving factors behind this equilibrium. In this paper, we propose a combined explanation, taking into account credit constraints for lower-income households and the preference of higher-income households to spend a fixed fraction of their income on mortgage payments. Through theoretical models and empirical testing with data from the Dutch property market, we find clear support for this combined approach. These results emphasize the importance of considering different types of households when forecasting house prices or evaluating policy interventions.

ECONOMIC MODELLING (2023)

Article Business, Finance

Capital requirements, mortgage rates and house prices

Sven Damen et al.

Summary: We study the impact of increased capital requirements for residential mortgages on mortgage rates and house prices. Our findings show that affected banks raised their mortgage rates by 19 basis points and houses near these banks experienced a 2.38% decrease in sale prices. These results suggest a semi-elasticity of house prices to changes in mortgage rates.

JOURNAL OF BANKING & FINANCE (2022)

Article Economics

A Time-Varying Hedonic Approach to quantifying the effects of loss aversion on house prices

Ryan Greenaway-McGrevy et al.

Summary: Loss aversion is a cognitive bias that affects house price determination, and a time-varying hedonic regression method can provide a more accurate estimation of its effects compared to conventional methods. By applying this method to residential transactions data from Auckland, New Zealand, it was found that loss aversion significantly inflates transaction prices. Existing methods, on the other hand, yield imprecise estimates of this premium that are unreasonably large and sensitive to the selected sample period.

ECONOMIC MODELLING (2021)

Article Construction & Building Technology

Is investing in energy efficiency worth it? Evidence for substantial price premiums but limited profitability in the housing sector

Sergio Copiello et al.

Summary: Investigations show that investing in building energy efficiency is economically viable up to a certain extent, especially for higher energy rating buildings. The government provides tax incentives for energy efficiency renovations, providing a certain level of profitability.

ENERGY AND BUILDINGS (2021)

Article Economics

Urban revival in America

Victor Couture et al.

JOURNAL OF URBAN ECONOMICS (2020)

Article Economics

Are Home Buyers Inattentive? Evidence from Capitalization of Energy Costs

Erica Myers

AMERICAN ECONOMIC JOURNAL-ECONOMIC POLICY (2019)

Article Economics

Can Geospatial Data Improve House Price Indexes? A Hedonic Imputation Approach with Splines

Robert J. Hill et al.

REVIEW OF INCOME AND WEALTH (2018)

Article Economics

Energy performance certificates - Informing the informed or the indifferent?

Jon Olaf Olaussen et al.

ENERGY POLICY (2017)

Article Construction & Building Technology

On the quality and impact of residential energy performance certificates

Bjorn Harsman et al.

ENERGY AND BUILDINGS (2016)

Article Economics

The price of energy efficiency in the Spanish housing market

Amaia de Ayala et al.

ENERGY POLICY (2016)

Article Economics

The effect of mortgage interest deduction and mortgage characteristics on house prices

Sven Damen et al.

JOURNAL OF HOUSING ECONOMICS (2016)

Article Economics

RESIDENTIAL PROPERTY PRICE INDICES FOR TOKYO

Erwin Diewert et al.

MACROECONOMIC DYNAMICS (2015)

Article Economics

The capitalization of green labels in the California housing market

Matthew E. Kahn et al.

REGIONAL SCIENCE AND URBAN ECONOMICS (2014)

Article Economics

The value of domestic building energy efficiency - evidence from Ireland

Marie Hyland et al.

ENERGY ECONOMICS (2013)

Article Economics

Superstar Cities

Joseph Gyourko et al.

AMERICAN ECONOMIC JOURNAL-ECONOMIC POLICY (2013)

Article Economics

The price responsiveness of housing supply in OECD countries

Aida Caldera et al.

JOURNAL OF HOUSING ECONOMICS (2013)

Article Environmental Studies

Accuracy and Robustness of House Price Index Methods

Yen Min Goh et al.

HOUSING STUDIES (2012)

Article Business

On the economics of energy labels in the housing market

Dirk Brounen et al.

JOURNAL OF ENVIRONMENTAL ECONOMICS AND MANAGEMENT (2011)