Studies on measuring methods of the real estate price index in Japanese used house markets

• Project/Area Number: 16K03596
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Research Field: Economic statistics
• Research Institution: University of Toyama
• Principal Investigator: Karato Koji 富山大学, 経済学部, 教授 (00345555)
• Project Period (FY): 2016-04-01 – 2019-03-31
• Project Status: Completed (Fiscal Year 2018)
• Budget Amount: ¥2,860,000 (Direct Cost: ¥2,200,000、Indirect Cost: ¥660,000); Fiscal Year 2018: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000); Fiscal Year 2017: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000); Fiscal Year 2016: ¥1,560,000 (Direct Cost: ¥1,200,000、Indirect Cost: ¥360,000)
• Keywords: ヘドニック価格 / 一般化加法モデル / 住宅資本の陳腐化 / 住宅価格指数 / 世代効果 / 中古住宅 / 建築年次 / 転居 / ヘドニック法 / 価格指数

Outline of Final Research Achievements

In this research, I provide the measuring methods of the real estate price index in Japanese used house markets when the researchers face to the data problems that could not observe all housing qualities at the time of the original manufacture. It was shown that hedonic price models containing age effects, time effects and cohort effects make highly confidential evidence. Especially, it might be comprehended that age depreciation rates and price index have an upward bias omitted by cohort effects. The differences of housing qualities at the built time encompass not only the age depreciation but also obsolescence. The depreciation and obsolescence would be not always the same.

Academic Significance and Societal Importance of the Research Achievements

本研究の学術的な意義は，データの問題として片付けられてしまう恐れのある，修繕やメンテナンスなどの情報不足に対して本手法が威力を発揮する所にある。世代効果を明示的に取り込むことで，従来であれば無視されるか，考慮したとしてもほとんど分析自体が不可能であった問題を解決することができる。整備された資産価格情報は投資市場やマクロ経済運営を助ける重要な要素でもある。しかしながら，公的な関与のある不動産価格情報は鑑定評価手法により行う地価公示のみであり，住宅市場に代表される「建物」部分を含む資産市場の動向を見誤る原因の一つとなっている。本研究の成果は実務上も意義のあるものと考えられる。

Research Products

• [Journal Article] Role of Secondhand Condominiums in Creating a Walkable City: Case Study in the Tokyo Metropolitan Area in the 2000s (2018)
  • Author(s): Satoh Hideto、Shimizu Chihiro、Karato Koji
  • Journal Title: Japanese Journal of Human Geography Volume: 70 Issue: 4 Pages: 477-497
  • DOI: 10.4200/jjhg.70.04_477
  • NAID: 130007541378
  • ISSN: 0018-7216, 1883-4086
  • Peer Reviewed / Open Access
• [Journal Article] 移動世帯の特徴と移動先での社会環境の変化 (2018)
  • Author(s): 唐渡広志，山鹿久木
  • Journal Title: 住宅土地経済 Volume: 110 Pages: 10-21
  • NAID: 40021691125
  • Peer Reviewed / Open Access
• [Journal Article] Separating the Age Effect from a Repeat Sales Index: Land and Structure Decomposition (2017)
  • Author(s): Wong Siu Kei、Chau K. W.、Karato K.、Shimizu C.
  • Journal Title: The Journal of Real Estate Finance and Economics Volume: １ Issue: 3 Pages: 1-16
  • DOI: 10.1007/s11146-017-9631-2
  • Peer Reviewed / Open Access / Int'l Joint Research
• [Journal Article] Decomposition Analysis of the Household Migration (2017)
  • Author(s): Karato Koji and Yamaga Hisaki
  • Journal Title: University of Toyama Working Paper Volume: NO.307 Pages: 1-10
  • Open Access
• [Book] 不動産政策研究 各論Ⅱ 不動産経済分析 (2018)
  • Author(s): 不動産政策研究会、清水 千弘、小林 正典
  • Total Pages: 296
  • Publisher: 東洋経済新報社
  • ISBN: 4492961437
• [Book] 都市の老い (2018)
  • Author(s): 齊藤 誠
  • Total Pages: 336
  • Publisher: 勁草書房
  • ISBN: 4326504420
• [Remarks]
  • URL: http://www3.u-toyama.ac.jp/kkarato/research.htm
• [Remarks] http://www3.u-toyama.ac.jp/kkarato/research.htm