Local House Price Comovements.
Journal
Real Estate Economics
Type
forthcoming
Date Issued
2020-08-20
Author(s)
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.
Language
English
HSG Classification
contribution to scientific community
HSG Profile Area
SOF - System-wide Risk in the Financial System
Refereed
Yes
Publisher
Wiley
Publisher place
Online
Pages
30
Official URL
Eprints ID
262361
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Name
Local house price comovements.pdf
Size
1.32 MB
Format
Adobe PDF
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