Kingston 6 Jamaica is a high demand suburban residential district.The area suffers from a chronic shortage of living accommodations especially for students who attend the nearby universities; namely the University of the West Indies Mona campus and the UTEC, the University of Technology. This quantitative analysis of the house prices in this community of Mona Heights community was done in fulfilment of a doctorate of business administration degree pursued by the writer. Two methodologies have used the median and the hedonic repeat sales regression. The results are more than academic but show vividly the dynamic interplay of the forces of demand and supply and how this has impacted the prices of houses in the area.
House Price Index Kingston 6 Jamaica: Median and Hedonic Repeat Sales Method Sheila Giddings
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Since 1978, the BLS has published CPI series that reflect the inflation experiences of two different population groupsOne widely cited alternative index is based on an estimate that changes to the CPI since 1983 have lowered its growth rate by at least 7 percentage points per year OK Cancel Thus, both before and after the price change, the consumer spends half of her funds on chocolate bars and half on peanut barsKhettry, Loretta J25 Ibid., p Katharine GHedonic adjustment models implemented subsequent to 1983, but prior to 1999, have almost certainly had an upward effect46 Between the years 1983 and 2007, the NAR monthly payment series rose by 79 percent, much less than the CPI OER series increase of 140 percentTo see this point, consider another very simplified example
First, the table presents examples of average prices published by the BLS from each of the six CPI grocery store food groups, along with four energy seriesThe last column shows the hypothetical effect of deflating that income by 155 percentUsing house prices instead of rents to measure homeowner cost is known as the asset, or acquisitions, approachSuppose that a person buys four candy bars each week: two chocolate bars and two peanut bars9, on the Internet at org/dataoecd/14/18/ pdf (visited AugEach of the improvements made to the CPI over the years is based on sound economic theory and years of research by academicians and BLS economistsor its affiliates
Therefore, although the primary focus of the Federal Reserve s monetary policy is the PCE price series, rather than the CPI itself, the basic CPIs are important to anyone who follows Federal Reserve policy decisionsMoulton, Working to Improve the Consumer Price Index, Journal of Economic Perspectives, winter 1998, pp Consumer Price Index Manual: Theory and Practice (Geneva, International Labor Office, 2004), paragraph 1.255, on the Internet at (visited Aug22,753 27,530 13,532 BLS average weekly earnings, April 1998 dollars Bread baked in a pan for a specific shape of loaf (for example, sandwich bread)Also, the CPI s fundamental purpose is to measure current price change and not to measure underlying or incipient inflationary pressureIt is designed to give practical guidance on the compilation of house price indices, both in developed and less developed countries, and to increase international comparability of residential property price indicesbls.gov/opub/mlr/2006/05/contents.htm (visited Aug(U.SHogg, Revising the Wage Earners Cost-of-Living Index, Journal of the American Statistical Association, March 1934, pp The Panel on Conceptual, Measurement, and Other Statistical Issues in Developing Cost-of-Living IndexesThe table shows that both measures rose by much less than 155 percentAlthough no one can accurately reconstruct an index under the old approach, it is frequently asserted that the CPI series for OER understates the long-run growth of homeownership costs
They also will be suspicious if told that the BLS manipulates nonscientific models to estimate the value of quality changeThey saw their procedure as a generalization of the chained matched model methodology applied by the pioneers in the construction of real estate price indices like Wyngarden (1927) and Wenzlick (1952)28, 2008)In response, some consumers will consume more orange juice; some will buy the affected brand of orange juice rather than other brands; some will buy orange juice at this store rather than other stores; some will purchase orange juice instead of grapefruit juice; and some will buy orange juice now rather than later, using the opportunity to stock their refrigerators with a largerthan-usual supply of orange juice58 For the years , a period that witnessed very rapid increases in both house prices and interest rates, Stewart and Reed estimated that the use of rental equivalence would have had an average annual impact on the CPI-U of only 0.86 percentage pointAlthough the CPI-U for all items less food and energy has been the subject of numerous books and of many articles in academic journals, one crucial point to recognize is that the BLS makes no claims about the predictive or analytical value of that indexThe present chapter outlines how hedonic regression can be utilized to derive such a decomposition
This Handbook provides, for the first time, comprehensive guidelines for the compilation of Residential Property Price Indexes and explains in depth the methods and best practices used to calculate an RPPIFor example, the final transaction price or the earlier valuation used for securing a loan could be used as the "price" of the propertynytimes.com/2008/05/07/business/07leonhardt.html (visited AugThe inability to purchase that slower, cheaper computer is a loss to that consumerThe Consumer Price Index (CPI), published by the Bureau of Labor Statistics (BLS), has generated controversy throughout its historyThat series is used in the construction of the NAR s well-known housing affordability index 07f867cfac