Do House Price Levels Anticipate Subsequent Price Changes within Metropolitan Areas?

被引:14
|
作者
Lee, Nai Jia [1 ]
Seslen, Tracey N. [2 ]
Wheaton, William C. [3 ]
机构
[1] Natl Univ Singapore, Dept Real Estate, Singapore 117566, Singapore
[2] Univ Washington, Foster Sch Business, Seattle, WA 98195 USA
[3] MIT, Ctr Real Estate, Cambridge, MA 02139 USA
关键词
MARKET;
D O I
10.1111/1540-6229.12098
中图分类号
F8 [财政、金融];
学科分类号
0202 ;
摘要
This research examines the relationship between hedonically controlled housing price levels and subsequent changes in those prices across locations within MSAs. Are areas with a high price relative to an imputed rent paying for higher appreciation? In an efficient market (e.g., Gordon Growth Model), as fundamentals (impute rent) differ across locations and change over time, anticipation of these should generate a positive correlation between (residual) price levels and subsequent price changes. We undertake these tests in four different MSAs using a panel of repeat-sale house price indices that have been scaled to price levels with the hedonic attributes of the house and ZIP code. In three markets we find that identical houses in higher priced ZIP codes subsequently appreciate faster. In one market we find that there is little statistical difference.
引用
收藏
页码:782 / 806
页数:25
相关论文
共 50 条
  • [1] US metropolitan house price dynamics
    Oikarinen, Elias
    Bourassa, Steven C.
    Hoesli, Martin
    Engblom, Janne
    [J]. JOURNAL OF URBAN ECONOMICS, 2018, 105 : 54 - 69
  • [2] Deciphering the US metropolitan house price dynamics
    Plakandaras, Vasilios
    Pragidis, Ioannis
    Karypidis, Paris
    [J]. REAL ESTATE ECONOMICS, 2024, 52 (02) : 434 - 485
  • [3] HOUSE PRICE DETERMINANTS IN METROPOLITAN REGIONS OF CHILE
    Andres Sagner, T.
    [J]. TRIMESTRE ECONOMICO, 2011, 78 (312): : 813 - 839
  • [4] Housing price dynamics within a metropolitan area
    Case, KE
    Mayer, CJ
    [J]. REGIONAL SCIENCE AND URBAN ECONOMICS, 1996, 26 (3-4) : 387 - 407
  • [5] Revisiting metropolitan house price-income relationships
    Oikarinen, Elias
    Bourassa, Steven C.
    Hoesli, Martin
    Engblom, Janne
    [J]. JOURNAL OF HOUSING ECONOMICS, 2023, 61
  • [6] Estimating regional house price levels
    Pionnier, Pierre-Alain
    Schuffels, Johannes
    [J]. REVIEW OF INCOME AND WEALTH, 2024,
  • [7] The sources of house price changes in Malaysia
    Kok, Shiau Hui
    Ismail, Normaz Wana
    Lee, Chin
    [J]. INTERNATIONAL JOURNAL OF HOUSING MARKETS AND ANALYSIS, 2018, 11 (02) : 335 - 355
  • [8] EXPECTATIONS OF HOUSE-PRICE CHANGES
    MUTH, RF
    [J]. PAPERS OF THE REGIONAL SCIENCE ASSOCIATION, 1986, 59 : 45 - 55
  • [10] TAXATION AND CHANGES IN PRICE LEVELS
    Viner, Jacob
    [J]. JOURNAL OF POLITICAL ECONOMY, 1923, 31 (04) : 494 - 520