The Research Of Second-Hand Housing Hedonic Price And Index In Hangzhou

Real estate prices have reached the point where ordinary people can not touch and have increasing high levels of bubble after a new round of inflation in the last two years. In such a situation, people and estate agent and the government are all general concerned for real estate price composition and fluctuations. Therefore, analysis of house prices has important theoretical and practical significance. Due to real estate is a heterogeneous commodity, the features of the house are significantly different. This paper mainly used hedonic model to analysis the housing hedonic price and price index quantitatively. This model were not widely used in China because of China’s planning system、the difficulties of the data acquisition and so on. This paper mainly utilizes housing hedonic model to analysis the housing hedonic price and price elasticity in Hangzhou markek. Establishing the hedonic model of Hangzhou second-hand housing market based on Box-Cox transformation, analyzing the influence factors of the city housing price and then establishing real estate index based on the established model are the purposes of the thesis.General thesis is structured as follows:The first chapter describes the background and significance, literature review, research ideas and the frame structure, innovation of the research; the second chapter describes the relevant basic theory; describes the building of hedonic price model, including variable selection, functional form selection,estimation methods and model checking; the third chapter the paper built up the housing hedonic price model of Hangzhou with a linear functional form、 logarithmic functional form and various types of Box-Cox transformation form, then analysis and compare of them. The chapter four introduces and compares the hedonic price index methodology, outlines four basic approaches for constructing hedonic price index, and conducts a systematical comparison study on the relationships among the four approaches. The chapter five building Hangzhou second-hand housing hedonic price index with the best Box-Cox transformation form, three hedonic price indexes have been estimated. Finally, summarize and point out the shortcomings of the study.The major innovations of the research following several aspects:1. Systematically choosing the Hangzhou second-hand housing characteristic variables, measuring the qualitative variables and quantitative variables, and structuring the theoretic model of Hangzhou housing hedonic price. According to empirical research, the paper get the hedonic price and price elasticity of Hangzhou second-hand house, obtain Hangzhou second-hand housing hedonic price model.2. Now the domestic study usually used the existing standard form to build the model such as linear, semi-logarithmic, logarithmic. The papers which use Box-Cox transformation form to create hedonic price model are rare, especially in the use of building the index. The paper that use the Box-Cox transformation form can effectively improve the model structure and effectively reduce various errors from the man-made form function, make the model fit better.3. Through the establishment of the Box-Cox hedonic price model, the paper establishes and calculates three hedonic price indexes, then compares the empirical results. Now there are no traces of these three indexes in Hangzhou, the paper is a complement in Hangzhou housing index system.