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주택가격지수의 목적과 방법을 둘러싼 쟁점- 실거래가격에 기초한 지수를 중심으로 -

A Review of Issues about Transaction-Based Housing Price Index in Korea

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한국부동산분석학회 (Korea Real Estate Analysts Association(Kreaa))|2007.12|부동산학연구 (Journal of the Korea Real Estate Analysts Association)|제13권 제3호|pp. 147-167

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키워드

주택가격지수housing price index반복매매가격지수라스파이레스 지수특성가격지수SPAR 지수Laspeyres indexhedonic price indexrepeat sale price indexSPAR index
주제분류경제학

초록

There are a number of issues about the purpose and method of housing price index in Korea. The aim of this article is to review them for constructing a new transaction-based index. Housing price index method has to be different according to the purpose of the index. And they must be different depending on transaction price or assessed value. For example, if we want to use transaction prices for a index, we can't adopt the Laspeyres index method. In this case, we have to choose the hedonic price index method or the repeat sale price index method or the SPAR(sale price appraisal ratio) index method. The hedonic price index method is appropriate for constructing a cost-of-living index. However it is costly and has mis-specification problems. The repeat sale price index method is relatively free from mis-specification and expensive cost problems. But it has the severe random sampling bias and the revision-of-index problem. The SPAR index method has not problems of the mis-specification, expensive cost, random sampling bias, revision-of-index. It seems, however, that it has the problem of appraisal price inconsistency. Consequently, the choice of index methods is depending on the purpose of an index, the characteristic of price data, and the extent of problems which each method has.

Abstract

There are a number of issues about the purpose and method of housing price index in Korea. The aim of this article is to review them for constructing a new transaction-based index. Housing price index method has to be different according to the purpose of the index. And they must be different depending on transaction price or assessed value. For example, if we want to use transaction prices for a index, we can't adopt the Laspeyres index method. In this case, we have to choose the hedonic price index method or the repeat sale price index method or the SPAR(sale price appraisal ratio) index method. The hedonic price index method is appropriate for constructing a cost-of-living index. However it is costly and has mis-specification problems. The repeat sale price index method is relatively free from mis-specification and expensive cost problems. But it has the severe random sampling bias and the revision-of-index problem. The SPAR index method has not problems of the mis-specification, expensive cost, random sampling bias, revision-of-index. It seems, however, that it has the problem of appraisal price inconsistency. Consequently, the choice of index methods is depending on the purpose of an index, the characteristic of price data, and the extent of problems which each method has.

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