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  4. Local House Price Comovements
 
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Local House Price Comovements

Series
School of Finance Working Paper Series
Type
working paper
Date Issued
2019-05-29
Author(s)
Fischer, Marcel
Füss, Roland
Stehle, Simon
Abstract
We study the micro-level evolution of residential house prices using data on repeat sales on Manhattan Island from 2004 to 2015. We document that excess price comovement is a highly local and persistent phenomenon. The strength of such excess comovements vanishes with both spatial and temporal distance. Local underperformance is more persistent than local overperformance { particularly when house prices on aggregate level increase.
Language
English
Keywords
Housing market
price comovements
urban economics
real estate
repeat sales.
HSG Classification
contribution to scientific community
HSG Profile Area
SOF - System-wide Risk in the Financial System
Publisher
SoF-HSG
Publisher place
University of St.Gallen
Volume
2019/06
Pages
41
URL
https://www.alexandria.unisg.ch/handle/20.500.14171/98622
Subject(s)
  • economics

  • business studies

  • finance

Division(s)
  • s/bf - Swiss Institut...

  • SEW - Swiss Institute...

Contact Email Address
roland.fuess@unisg.ch
Eprints ID
257102
File(s)
19_06_Fuess et al_Local House Price Comovements.pdf (472 KB)
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