dc.contributor.author | Birkeland, Kristoffer | |
dc.contributor.author | D'Silva, Allan Daniel | |
dc.contributor.author | Füss, Roland August | |
dc.contributor.author | Oust, Are | |
dc.date.accessioned | 2022-12-05T12:56:33Z | |
dc.date.available | 2022-12-05T12:56:33Z | |
dc.date.created | 2021-07-22T09:42:09Z | |
dc.date.issued | 2021 | |
dc.identifier.citation | International Real Estate Review (IRER). 2021, 24 (2), 139-183. | en_US |
dc.identifier.issn | 2154-8919 | |
dc.identifier.uri | https://hdl.handle.net/11250/3035876 | |
dc.description.abstract | We develop an automated valuation model (AVM) for the residential real estate market by leveraging stacked generalization and a comparable market analysis. Specifically, we combine four novel ensemble learning methods with a repeat sales method and tailor the data selection for each value estimate. We calibrate and evaluate the model for the residential real estate market in Oslo by producing out-of-sample estimates for the value of 1,979 dwellings sold in the first quarter of 2018. Our novel approach of using stacked generalization achieves a median absolute percentage error of 5.4%, and more than 96% of the dwellings are estimated within 20% of their actual sales price. A comparison of the valuation accuracy of our AVM to that of the local estate agents in Oslo generally demonstrates its viability as a valuation tool. However, in stable market phases, the machine falls short of human capability. | en_US |
dc.language.iso | eng | en_US |
dc.publisher | Asian Real Estate Society | en_US |
dc.relation.uri | https://www.gssinst.org/irer/2021/07/16/the-predictability-of-house-prices_human-against-machine/ | |
dc.title | The predictability of house prices: “human against machine” | en_US |
dc.title.alternative | The predictability of house prices: “human against machine” | en_US |
dc.type | Peer reviewed | en_US |
dc.type | Journal article | en_US |
dc.description.version | publishedVersion | en_US |
dc.source.pagenumber | 139-183 | en_US |
dc.source.volume | 24 | en_US |
dc.source.journal | International Real Estate Review (IRER) | en_US |
dc.source.issue | 2 | en_US |
dc.identifier.cristin | 1922390 | |
cristin.ispublished | true | |
cristin.fulltext | original | |
cristin.qualitycode | 1 | |