Using a large sample of 46,467 residential properties spanning 1999-2005, we demonstrate using matched pairs that, relative to linear hedonic pricing models, artificial neural networks (ANN) generate significantly lower dollar pricing errors, have greater pricing precision out-of-sample, and...

This study uses a sample of 46,467 residential properties spanning 1999-2005 to demonstrate that artificial neural networks (ANN) generate significantly lower dollar pricing errors, have greater pricing precision out-of-sample, and extrapolate better from more volatile pricing environments....