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This paper is addressed a method for constructing house price indexes using transaction prices. Laspeyres index, which is made of appraisal prices of sample houses, can't be adapted as a method for transaction-based indexes. The method for transaction-based indexes must have abilities to control the difference of house attributes and the change of their intrinsic values over time. And indexes must not be revised when new transaction information is arrived. This paper adapts the time varying parameter model, one of hedonic price indexes. The model has advantages to get over the problems. It consider the regional effect on hedonic prices and the spatial auto-correlation in error term. The model is applied from Dec. 1999 to Jun 2006. The data is obtained from an information company so called 'r114'. And this paper produces a repeat sale price index to compare with the hedonic price index. The hedonic price index by the time varying parameter model appears to be more stable than the Laspeyres index which 'r114' has made. And the change of the hedonic price index is similar to that of the repeat sale price index.