Local House Price Comovements

Marcel Fischer, Roland Füss, Simon Stehle

Research output: Working paperResearch


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 languageEnglish
PublisherSSRN: Social Science Research Network
Number of pages40
Publication statusPublished - 29 May 2019
SeriesSOF Working Paper


  • Housing market
  • Price comovements
  • Urban economics
  • Real estate
  • Repeat sales

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