Patent ID: 10380652

Abstract:
The present invention builds Home Data Index (HDI) models. One driving force behind this HDI initiative is that no one model or measure can truly capture the widely dynamic movement of home prices. Even within a small geographical area, such as a ZIP code, there is significant variation in property sale types, sale frequencies and sale values. To better describe these variations, the present invention presents a suite of paired sales and price per square foot index models built around an array of property transaction characteristics. These HDI models expand on the usage and understanding of traditional home price indices (HPIs) by implementing a multidimensional index comprised of four main dimensions: geography; time frames; value range; and property sales type. Several layers exist within each dimension, allowing for more than 300 different index model perspectives for a given property address. For each permutation among the layers of the four main dimensions, a model is constructed with an associated confidence score that reflects the statistical relevance of each estimate.