Hierarchical Trend Model revolutionizes property valuation accuracy and local price indices.
The article introduces a new model for predicting house prices and local price trends. This model considers factors like location, time, and house quality to give more accurate results. By using this model in two regions, Breda and Amsterdam, researchers found that it produced more precise and detailed price indices compared to traditional methods. This means that the new model can help in better valuing properties and understanding price changes in different areas.