Real Estate Price Measurement Since the Global Financial Crisis: Methods, Data and Policy Developments
回顾全球金融危机后房地产价格测量的进展，比较了特征价格法、重复销售法等指数构建方法的优劣，并讨论了新数据源和机器学习工具的应用，对金融稳定监测和消费者价格指数编制有参考价值。
ABSTRACT The global financial crisis (GFC) highlighted the crucial role of real estate markets for financial stability and revealed significant weaknesses in the quality, timeliness, and coverage of real estate price indices. Since then, policymakers and statistical institutes have expanded the scope of residential and commercial real estate statistics and strengthened methodological guidance. This paper reviews key developments in real estate price measurement since the GFC, covering data availability, index methodology, and institutional infrastructure. We compare the strengths and weaknesses of the main index construction methods, including hedonic, repeat sales, hybrid and state‐space approaches, and discuss their relevance for both financial stability monitoring and cost‐of‐living measurement. Special attention is given to the challenges involved in compiling commercial real estate (CRE) price indices. We also examine new data sources—such as list prices, energy performance certificates and geospatial information—and recent work integrating machine learning tools into index compilation.