Commercial Housing Price Index Research Based On Hedonic Price Method

With the development of the real estate industry, people concerned about the housing prices. But the price index published by national statistical offices has the public question. Therefore, it seems imminent to use the scientific method to reflect the real prices and the price trends.Commercial housing price index reflects the housing price trends at different periods. Currently, the index announced by our state always uses the method of average or weighted average methods, for the real estate are homogeneous. But the real estate's price is different with its different characteristics (such as size, orientation etc.), location characteristics (peripheral supporting, education, surrounding environment, so the average method to calculate the price index is biased.In this context, we systematically study at home and abroad to prepare real estate price index theory and methods, combined with the status and characteristics of the real estate market in Hangzhou, proposed the calculation of the price index for ideas and steps. Then we establish the hedonic price model of Hangzhou market, and use199samples from2011Hangzhou, second housing market to analysis. Ultimately we determine the seven factors that affect the real estate's price. On the basis of existing models, we add the time variable to calculate the price index of each phase, and we compare the results of three methods. The results show that:the trend is same, but three methods of calculation results consistent with the trend, but the results of each time is different.Form the foreign experience, we suggest that:trying to control the price changes caused by the different real estate properties; focusing on data availability, considering the cost; selecting the samples to reflect the overall real estate market.