Local House Price Comovements.

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 22 Apr 2021 00:25
URI: https://www.alexandria.unisg.ch/publications/262361

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Citation

Fischer, Marcel; Füss, Roland & Stehle, Simon (2020) Local House Price Comovements. Real Estate Economics,

Statistics

https://www.alexandria.unisg.ch/id/eprint/262361
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