Ocena hedonicznych indeksów cen mieszkań publikowanych przez Narodowy Bank Polski
Evaluation of the real estate hedonic price index presented by the National Polish Bank

Summary/Abstract: The paper deals with the methodology used to determine the real estate price index. Three indices of property prices are analyzed: single-price index of average prices of apartments, hedonic index and index of smoothed average prices of apartments. The 4253H filter is used for smoothing. According to the article’s thesis, the real estate price index should indicate general regularities of price changes. A good real estate price index should not have too much entropy. Therefore, the article proposes a measure of entropy that may be useful for assessing the quality of real estate price indices. This measure is based on the charts of the index phases and indicates which index is most susceptible to information noise.

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