Local House Price Comovements

Marcel Fischer; Roland Füss; Simon Stehle

doi:10.1111/1540-6229.12331

Local House Price Comovements

Marcel Fischer, Roland Füss^*, Simon Stehle

^*Corresponding author af dette arbejde

Institut for Finansiering

Publikation: Bidrag til tidsskrift › Tidsskriftartikel › Forskning › peer review

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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 persistent phenomenon. The strength of such comovements vanishes with both spatial and temporal distance. Local underperformance is more persistent than local overperformance, particularly when house prices on aggregate level increase.

Originalsprog	Engelsk
Tidsskrift	Real Estate Economics
Vol/bind	49
Udgave nummer	Supplement S1
Sider (fra-til)	169-198
Antal sider	30
ISSN	1080-8620
DOI	https://doi.org/10.1111/1540-6229.12331
Status	Udgivet - mar. 2021

Bibliografisk note

Published online: 4. August 2020

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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 persistent phenomenon. The strength of such comovements vanishes with both spatial and temporal distance. Local underperformance is more persistent than local overperformance, particularly when house prices on aggregate level increase.",

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AB - 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 persistent phenomenon. The strength of such comovements vanishes with both spatial and temporal distance. Local underperformance is more persistent than local overperformance, particularly when house prices on aggregate level increase.

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DO - 10.1111/1540-6229.12331

M3 - Journal article

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