Local House Price Comovements

Marcel Fischer, Roland Füss, Simon Stehle

Research output: Working paperResearch

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 languageEnglish
PublisherSSRN: Social Science Research Network
Number of pages40
DOIs
Publication statusPublished - 29 May 2019
SeriesSOF Working Paper
Number2019/06

Keywords

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

Cite this

Fischer, M., Füss, R., & Stehle, S. (2019). Local House Price Comovements. SSRN: Social Science Research Network. SOF Working Paper, No. 2019/06 https://doi.org/10.2139/ssrn.3403551
Fischer, Marcel ; Füss, Roland ; Stehle, Simon. / Local House Price Comovements. SSRN: Social Science Research Network, 2019. (SOF Working Paper; No. 2019/06).
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Fischer, M, Füss, R & Stehle, S 2019 'Local House Price Comovements' SSRN: Social Science Research Network. https://doi.org/10.2139/ssrn.3403551

Local House Price Comovements. / Fischer, Marcel; Füss, Roland; Stehle, Simon.

SSRN: Social Science Research Network, 2019.

Research output: Working paperResearch

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Fischer M, Füss R, Stehle S. Local House Price Comovements. SSRN: Social Science Research Network. 2019 May 29. https://doi.org/10.2139/ssrn.3403551