Data Mining Applications with R

Chapter 10

A Real-Time Property Value Index Based on Web Data

M.J. Bárcena*, P. Menéndez^†, M.B. Palacios^‡ and F. Tusell^§,    ^*University of the Basque Country (UPV/EHU), Spain,    ^†University of Queensland, Australia,    ^‡Public University of Navarra (UPNA), Spain,    ^§University of the Basque Country (UPV/EHU), Spain

Abstract

House price indices are difficult to compute because houses are essentially unique, nonreplicable goods and transactions are relatively infrequent. Furthermore, unlike in organized markets, there is considerable opacity concerning transaction prices.

The traditional real estate agent coexists nowadays with Web sites, from which information can be obtained cheaply and easily. This paves the way for new approaches which tap ...