Local House Price Comovements

Marcel Fischer; Roland Füss; Simon Stehle

doi:10.1111/1540-6229.12331

Local House Price Comovements

Marcel Fischer, Roland Füss^*, Simon Stehle

^*Corresponding author for this work

Department of Finance

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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 language	English
Journal	Real Estate Economics
Volume	49
Issue number	Supplement S1
Pages (from-to)	169-198
Number of pages	30
ISSN	1080-8620
DOIs	https://doi.org/10.1111/1540-6229.12331
Publication status	Published - Mar 2021

Bibliographical note

Published online: 4. August 2020

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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.",

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AB - 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.

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DO - 10.1111/1540-6229.12331

M3 - Journal article

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