Local House Price Comovements

Marcel Fischer, Roland Füss*, Simon Stehle

*Corresponding author for this work

Research output: Contribution to journalJournal articleResearchpeer-review

Abstract

We study the microlevel evolution of residential house prices using data on repeat sales on Manhattan Island from 2004 to 2015. We document that price comovement, even within a ZIP code, is a highly local and persistent phenomenon. The strength of such 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
JournalReal Estate Economics
Number of pages30
ISSN1080-8620
DOIs
Publication statusPublished - 4 Aug 2020

Bibliographical note

Epub ahead of print. Published online: 4. August 2020

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