Item Type | Forthcoming |
Abstract | We study the microlevel evolution of residential house prices using data on repeat sales on Manhattan Island from 2004 to 2015. We document that price comovement, even within a ZIP code, is a highly local and persis-tent phenomenon. The strength of such comovements vanishes with both spatial and temporal distance. Local underperformance is more persistent than local overper-formance, particularly when house prices on aggregate level increase. |
Authors | Fischer, Marcel; Füss, Roland & Stehle, Simon |
Journal or Publication Title | Real Estate Economics |
Language | English |
Subjects | economics finance |
HSG Classification | contribution to scientific community |
HSG Profile Area | SOF - System-wide Risk in the Financial System |
Refereed | Yes |
Date | 20 August 2020 |
Publisher | Wiley |
Place of Publication | Online |
Number of Pages | 30 |
Publisher DOI | 10.1111/1540-6229.12331 |
Official URL | https://doi.org/10.1111/1540-6229.12331 |
Depositing User | Beatrix Kobelt-Glock |
Date Deposited | 18 Feb 2021 14:48 |
Last Modified | 03 Mar 2021 01:24 |
URI: | https://www.alexandria.unisg.ch/publications/262361 |
Download
CitationFischer, Marcel; Füss, Roland & Stehle, Simon (2020) Local House Price Comovements. Real Estate Economics, Statisticshttps://www.alexandria.unisg.ch/id/eprint/262361
|