The journal “Voprosy Ekonomiki” published an article by
The paper constructs monthly hedonic price indices for secondary housing in Moscow’s administrative boundaries (including New Moscow) according to the data of Cian, Avito, Yandex Real Estate and others. The analysis is conducted for the time period from July 2023 to December 2024. During this period there was a constant tightening of monetary policy, which affected the secondary housing market. Due to the lack of preferential programs in this market, the mortgage rate remained close to the key rate. The impact of the key rate on real (deflated by the Moscow CPI) hedonic, as well as average and median indices, was analyzed. As a result, a statistically significant negative effect of monetary policy tightening was revealed. Nominal indices (hedonic, average and median price) grew until about Q1 2024, after which they began to stagnate. By the end of 2024, the nominal indices reflected an increase in the cost of housing in Moscow by about 10% relative to July 2023. The real hedonic, as well as average and median prices for housing in Moscow were below the level of the beginning of the sample. Over a year and a half, the hedonic cost per square meter in the secondary market decreased by 4–5%. Hedonic and standard indices reflect different rates of convergence in the first half of the sample and also give different estimates of the reaction to the tightening of monetary policy. This emphasizes the importance of taking into account the characteristics of objects when analyzing the real estate market.