I. What is the real estate price index?
The price index for real estate is a relative indicator of the trend and degree of change in real estate prices. It is a percentage that reflects the magnitude of the rise and fall in housing prices over time. The price index for real estate is calculated on the basis of real estate prices, generally in two ways
1. Area/value of sale over a period of time
2. The methodology used in the statistics is price collection based on the principle of homogenous comparability, i. E., surveying houses that select the same building materials and structures in the same area, and then obtaining the real estate price index by using fixed weight-weighted average calculations, excluding the effect of quality changes on prices and reflecting price fluctuations caused by changes in real market demand to convey the right market signals。
How is the real estate transaction index calculated?
1. Sample surveys, using a combination of focused and typical surveys. The sample survey is selected with due regard to its representative character and taking into account the various types of housing, such as affordable housing, general housing, high-end housing (houses, villas), writing buildings and commercial housing;
The sample selected for the survey should be distributed evenly within the area surveyed, with turnover accounting for more than 70 per cent of the total business of the real estate enterprises in the region。
2. Determination of weights (weights). The weights are usually calculated by using the sales of municipal houses in the previous year. For example, the share of the sale of goods and second-hand houses in the total sales of the city-wide houses is used as a weight for both types of houses (the weights are updated annually)。
3. Collection prices. Because of the diversity of the individual housing unit, the value of a house depends not only on internal factors such as the size of the area it directly covers, the structure of the house, the building materials, but also on external factors such as the location of the area, the environment of the sub-district, the facilities, etc. Thus, the principle of homogeneity and comparability was used in examining changes in housing prices, as described by director zhang。
4. Calculation of price indices. The general index of prices for the sale of houses consists of two main categories of price indices, namely, commodity houses and second-hand houses. Price indices for commodity houses and used houses are calculated separately, followed by a weighted arithmetic average。
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