Local House Price Comovements

Marcel Fischer; Roland Füss; Simon Stehle

doi:10.2139/ssrn.3403551

Local House Price Comovements

Marcel Fischer
, Roland Füss
, Simon Stehle

Institut for Finansiering

Universität St.Gallen
Universität Konstanz

Publikation: Working paper › Forskning

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.

Originalsprog	Engelsk
Udgiver	SSRN: Social Science Research Network
Antal sider	40
DOI	https://doi.org/10.2139/ssrn.3403551
Status	Udgivet - 29 maj 2019

Navn	SOF Working Paper
Nummer	2019/06

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Verdensmål 11 Bæredygtige byer og lokalsamfund

Emneord

Housing market
Price comovements
Urban economics
Real estate
Repeat sales

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10.2139/ssrn.3403551Licens: Ikke-specificeret

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Citationsformater

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