Estimating regional house price levels
提出一种方法编制区域房价水平数据，使其与房价指数变化一致、代表存量住房，并利用所有时点信息而非单一基准期。以西班牙为例，发现2008-2009年危机后区域房价差距先缩小后扩大，马德里相对可负担性恶化。
While quality‐adjusted indices tracing the evolutions of regional house prices are increasingly available, this is less the case for data on regional house price levels . Yet, such information is fundamental to assess housing affordability and barriers to labour mobility. This article puts forward a method to compile regional house price levels that are consistent with the evolutions given by house price indices, representative of the underlying stock of dwellings, and based on the information on house price levels that is available at all dates rather than in a single reference period. Results for Spain show that the decline in house prices following the 2008–2009 crisis initially reduced the dispersion in house prices across Spanish regions, but this dispersion has increased again afterwards. Moreover, the relative housing affordability of Madrid deteriorated compared to all other Spanish regions in the last decade. Monitoring whether COVID‐19 will reverse this trend will be key.