반복매매모형을 활용한 비아파트 매매가격지수에 관한 연구

Abstract

Stock price index type of housing price indices were commonly used in Korea. However, this type of indices are not suitable for Korean housing market experiencing rapid changes in stock including both new constructions and demolitions. Especially, the recent Korean housing market has experienced substantial changes in housing characteristics. Basically, the stock price index type of housing price index requires a constant survey stock over time in order to maintain the comparability in total housing values. However, the constant stock concept is hard to accept in the Korean housing market accompanying with rapid increase and qualitative changes in housing stock. An alternative is a hedonic price index. However, the basic data requirements for the application of the hedonic model cannot be fulfilled in the Korean housing market where actual sale information is mostly unknown. In order to overcome this structural deficiency, the price indices in Korea are based o periodical price survey with the help of real estate brokers. If we accept the assumption that the whole condominium units belonging to a basic survey unit (an area type in an condominium complex) share the same housing characteristics and the surveyed price, we can use the repeat sale index concept with some modifications. The persistent price survey generates a perfect form of repeat sales data. This paper proposes a practical method for the application of repeat sale index to condominium sales price indexing.