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

Department of Finance

Research output: Working paper › Research

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.

Original language	English
Publisher	SSRN: Social Science Research Network
Number of pages	40
DOIs	https://doi.org/10.2139/ssrn.3403551
Publication status	Published - 29 May 2019

Series	SOF Working Paper
Number	2019/06

Keywords

Housing market
Price comovements
Urban economics
Real estate
Repeat sales

UN SDGs

This output contributes to the following UN Sustainable Development Goals (SDGs)

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Cite this

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