Local House Price Comovements

Marcel Fischer; Roland Füss; Simon Stehle

Local House Price Comovements

Marcel Fischer, Roland Füss, Simon Stehle

Department of Finance

Research output: Contribution to conference › Poster › Research › peer-review

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
Publication date	2020
Publication status	Published - 2020
Event	The 80th Annual Meeting of American Finance Association. AFA 2020 - San Diego, United States Duration: 3 Jan 2020 → 5 Jan 2020 Conference number: 80 https://afajof.org/annual-meeting/

Conference

Conference	The 80th Annual Meeting of American Finance Association. AFA 2020
Number	80
Country/Territory	United States
City	San Diego
Period	03/01/2020 → 05/01/2020
Internet address	https://afajof.org/annual-meeting/

Keywords

Housing market
Price comovements
Urban economics
Real estate
Repeat sales

UN SDGs

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

Access to Document

https://www.aeaweb.org/conference/2020/preliminary/paper/KeAG29iaLicence: Unspecified

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Persistent link

Cite this

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title = "Local House Price Comovements",

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.",

keywords = "Housing market, Price comovements, Urban economics, Real estate, Repeat sales, Housing market, Price comovements, Urban economics, Real estate, Repeat sales",

author = "Marcel Fischer and Roland F{\"u}ss and Simon Stehle",

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note = "The 80th Annual Meeting of American Finance Association. AFA 2020 ; Conference date: 03-01-2020 Through 05-01-2020",

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T1 - Local House Price Comovements

AU - Fischer, Marcel

AU - Füss, Roland

AU - Stehle, Simon

N1 - Conference code: 80

PY - 2020

Y1 - 2020

N2 - 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.

AB - 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.

KW - Housing market

KW - Price comovements

KW - Urban economics

KW - Real estate

KW - Repeat sales

KW - Housing market

KW - Price comovements

KW - Urban economics

KW - Real estate

KW - Repeat sales

M3 - Poster

T2 - The 80th Annual Meeting of American Finance Association. AFA 2020

Y2 - 3 January 2020 through 5 January 2020

ER -