A Real-Time Property Value Index Based on Web Data

M. J. Bárcena, P. Menéndez, M. B. Palacios, F. Tusell

Research output: Chapter in Book/Report/Conference proceedingChapter (Book)Researchpeer-review

1 Citation (Scopus)

Abstract

House price indices are difficult to compute because houses are essentially unique, nonreplicable goods and transactions are relatively infrequent. Furthermore, unlike in organized markets, there is considerable opacity concerning transaction prices.The traditional real estate agent coexists nowadays with Web sites, from which information can be obtained cheaply and easily. This paves the way for new approaches which tap this resource to produce timely, quality and location adjusted housing price indices. We describe one such approach and show R to be a tool of choice in every step of the implementation.

Original languageEnglish
Title of host publicationData Mining Applications with R
PublisherAcademic Press
Pages273-297
Number of pages25
ISBN (Print)9780124115118
DOIs
Publication statusPublished - 1 Dec 2013
Externally publishedYes

Keywords

  • Geographically weighted regression
  • Housing prices
  • Price indices
  • Semiparametric models

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