Data Resources in Real Estate Market Analysis

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  • SHIMIZU Chihiro
    Professor, Nihon University; Project Professor, The University of Tokyo

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  • 不動産市場分析のデータ資源
  • フドウサン シジョウ ブンセキ ノ データ シゲン

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Abstract

<p>Data collecting is one of most important research techniques. For example, in constructing a housing price index, one has to make at least two important choices. The first is the choice among alternative estimation methods. The second is the choice among different data sources of house prices. The choice of the dataset has been regarded as critically important from a practical viewpoint, but has not been discussed much in the literature. International Handbook on Property Price Index from United Nation, IMF, OECD and BIS in 2013 seeks to fill this gap by comparing the distributions of prices collected at different stages of the house buying/selling process, including ⑴asking prices at which properties are initially listed in a magazine, ⑵ asking prices when an offer for a property is eventually made and the listing is removed from the magazine, ⑶ contract prices reported by realtors after mortgage approval, and ⑷ registry prices. These four prices are collected by different parties and recorded in different datasets. This paper summarizes the current state of “Data Resources for Real Estate Research in Japan”, focusing on real estate prices.</p>

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