Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/208362 
Erscheinungsjahr: 
2019
Schriftenreihe/Nr.: 
ECB Working Paper No. 2328
Verlag: 
European Central Bank (ECB), Frankfurt a. M.
Zusammenfassung: 
Using microdata from the second wave of the Household Finance and Consumption Survey, we investigate the accuracy of property values estimated by homeowners - so called "self-assessed" house prices - and explore the drivers of possible deviations of these prices from official hedonic house price indices. We find evidence that euro area homeowners overestimate the value of their properties by around 9%. Across the largest euro area countries, the overestimation lies in a range between 3.2% in Germany and 22% in Italy. Household characteristics, including the level of indebtedness, appear to explain significant discrepancies between hedonic and self-assessed house price indices, while the limited available data related to property characteristics are generally not affecting this gap. For the euro area, we find that higher self-assessed house prices are associated with a mild increase in consumption expenditures.
Schlagwörter: 
house prices
micro data
under/overvaluation
wealth effects
quantile regressions
JEL: 
E31
C21
O18
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-92-899-3897-6
Dokumentart: 
Working Paper

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