Spatial dependence, housing submarkets, and house price prediction
SC Bourassa, E Cantoni, M Hoesli - The Journal of Real Estate Finance …, 2007 - Springer
Abstract This paper compares alternative methods of controlling for the spatial dependence
of house prices in a mass appraisal context. Explicit modeling of the error structure is
characterized as a relatively fluid approach to defining housing submarkets. This approach
allows the relevant submarket to vary from house to house and for transactions involving
other dwellings in each submarket to have varying impacts depending on distance. We ...
of house prices in a mass appraisal context. Explicit modeling of the error structure is
characterized as a relatively fluid approach to defining housing submarkets. This approach
allows the relevant submarket to vary from house to house and for transactions involving
other dwellings in each submarket to have varying impacts depending on distance. We ...