반복매매모형을 이용한 아파트 실거래지수 운영특성 분석

Abstract

Most of the price indices for apartments in Korea have been based on the stock price index model using offering prices for a set of survey units. However, seller's reporting of the real transaction price was mandated by law in 2006. In order to use the real transaction data newly obtainable, a new type of price indices are required. The basic choices would be between a hedonic price index and a repeat sales index. It is commonly recognized that the hedonic price index requires an extensive data set of housing and locational characteristics, while it can generate a quality controlled index. On the other hand, the repeat sales index is inefficient in using data, since it use repeatedly transacted sales data only, while it is the best in quality control. The standardized characteristics of apartments in Korea allow us to define a set of similar units as a same house. This feature of apartments allow us to overcome the inefficiency problem contained in the repeat sales index.We developed an repeat sales index using real transaction data based on some relaxed definitions of a same house. The developed repeat sales index shows earlier and more sensitive movements of prices than the conventional index.