Tracking Home-Owners’ Sentiments: Subjective Indices and Convergent Validity

Sofie R. Waltl; Anthony Lepinteur

doi:10.1007/s11146-023-09949-w

Tracking Home-Owners’ Sentiments: Subjective Indices and Convergent Validity

Sofie R. Waltl, Anthony Lepinteur

Urban Development & Mobility

Résultats de recherche: Contribution à un journal › Article › Revue par des pairs

Résumé

Surveys regularly ask home-owners to guess what their property might be worth in the current housing market. We develop suitable statistical techniques to construct hedonic and repeat-sales style house price indices from these owner-estimated values (OEVs). The resulting series are then linked to a large set of quality-adjusted residential property price indices estimated from transaction data allowing us to perform a variety of convergent validity tests. Based on results for 20 countries, several decades and different OEV elicitation techniques, we conclude that the “wisdom of the home-owner crowd” is sufficient to study objective house price dynamics. Yet, surveys fail to accurately measure house price levels.

langue originale	Anglais
journal	Journal of Real Estate Finance and Economics
Les DOIs	https://doi.org/10.1007/s11146-023-09949-w
état	Publié - 22 avr. 2023

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Publisher Copyright:
© 2023, The Author(s).

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10.1007/s11146-023-09949-w

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title = "Tracking Home-Owners{\textquoteright} Sentiments: Subjective Indices and Convergent Validity",

abstract = "Surveys regularly ask home-owners to guess what their property might be worth in the current housing market. We develop suitable statistical techniques to construct hedonic and repeat-sales style house price indices from these owner-estimated values (OEVs). The resulting series are then linked to a large set of quality-adjusted residential property price indices estimated from transaction data allowing us to perform a variety of convergent validity tests. Based on results for 20 countries, several decades and different OEV elicitation techniques, we conclude that the “wisdom of the home-owner crowd” is sufficient to study objective house price dynamics. Yet, surveys fail to accurately measure house price levels.",

keywords = "housing markets, subjective data, convergent validity, house price indices",

author = "Waltl, {Sofie R.} and Anthony Lepinteur",

note = "Funding Information: We gratefully acknowledge funding through the FNR Luxembourg National Research Fund, CORE Grant No. 3886 (ASSESS). Open access funding is provided by Vienna University of Economics and Business (WU). Publisher Copyright: {\textcopyright} 2023, The Author(s).",

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AU - Waltl, Sofie R.

AU - Lepinteur, Anthony

N1 - Funding Information: We gratefully acknowledge funding through the FNR Luxembourg National Research Fund, CORE Grant No. 3886 (ASSESS). Open access funding is provided by Vienna University of Economics and Business (WU). Publisher Copyright: © 2023, The Author(s).

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N2 - Surveys regularly ask home-owners to guess what their property might be worth in the current housing market. We develop suitable statistical techniques to construct hedonic and repeat-sales style house price indices from these owner-estimated values (OEVs). The resulting series are then linked to a large set of quality-adjusted residential property price indices estimated from transaction data allowing us to perform a variety of convergent validity tests. Based on results for 20 countries, several decades and different OEV elicitation techniques, we conclude that the “wisdom of the home-owner crowd” is sufficient to study objective house price dynamics. Yet, surveys fail to accurately measure house price levels.

AB - Surveys regularly ask home-owners to guess what their property might be worth in the current housing market. We develop suitable statistical techniques to construct hedonic and repeat-sales style house price indices from these owner-estimated values (OEVs). The resulting series are then linked to a large set of quality-adjusted residential property price indices estimated from transaction data allowing us to perform a variety of convergent validity tests. Based on results for 20 countries, several decades and different OEV elicitation techniques, we conclude that the “wisdom of the home-owner crowd” is sufficient to study objective house price dynamics. Yet, surveys fail to accurately measure house price levels.

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