Local House Price Comovements

Marcel Fischer, Roland Füss*, Simon Stehle

*Corresponding author af dette arbejde

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Abstrakt

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.
OriginalsprogEngelsk
TidsskriftReal Estate Economics
Vol/bind49
Udgave nummerSupplement S1
Sider (fra-til)169-198
Antal sider30
ISSN1080-8620
DOI
StatusUdgivet - mar. 2021

Bibliografisk note

Published online: 4. August 2020

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