Spillover Effects in Residential House Price

Marcel Fischer, Roland Füss, Simon Stehle

Research output: Contribution to conferencePaperResearchpeer-review

Abstract

We study the micro-level evolution of residential house prices using data on all repeat sales on Manhattan Island from 2004 to 2015. We document that excess returns spill over to other trades in the neighborhood — even after controlling for general house price movements on the zip-code level. This effect quickly vanishes as the distance between trades increases. In booming states of the housing market cycle, spillover effects are weaker in the nearest neighborhood and stronger from more distant neighborhoods.
Original languageEnglish
Publication date2018
Number of pages28
Publication statusPublished - 2018
EventEuropean Financial Management Association 2018 Annual Meetings - Università Cattolica del Sacro Cuore, Milan, Italy
Duration: 27 Jun 201830 Jun 2018
Conference number: 27
https://www.efmaefm.org/0EFMAMEETINGS/EFMA%20ANNUAL%20MEETINGS/2018-Milan/2018%20meetings.php

Conference

ConferenceEuropean Financial Management Association 2018 Annual Meetings
Number27
LocationUniversità Cattolica del Sacro Cuore
CountryItaly
CityMilan
Period27/06/201830/06/2018
Internet address

Keywords

  • Housing market
  • Spillover effects
  • Urban economics
  • Real estate
  • Repeat sales

Cite this

Fischer, M., Füss, R., & Stehle, S. (2018). Spillover Effects in Residential House Price. Paper presented at European Financial Management Association 2018 Annual Meetings, Milan, Italy.
Fischer, Marcel ; Füss, Roland ; Stehle, Simon. / Spillover Effects in Residential House Price. Paper presented at European Financial Management Association 2018 Annual Meetings, Milan, Italy.28 p.
@conference{5f0bb37ce2d34949b67712af16d9aae2,
title = "Spillover Effects in Residential House Price",
abstract = "We study the micro-level evolution of residential house prices using data on all repeat sales on Manhattan Island from 2004 to 2015. We document that excess returns spill over to other trades in the neighborhood — even after controlling for general house price movements on the zip-code level. This effect quickly vanishes as the distance between trades increases. In booming states of the housing market cycle, spillover effects are weaker in the nearest neighborhood and stronger from more distant neighborhoods.",
keywords = "Housing market, Spillover effects, Urban economics, Real estate, Repeat sales, Housing market, Spillover effects, Urban economics, Real estate, Repeat sales",
author = "Marcel Fischer and Roland F{\"u}ss and Simon Stehle",
year = "2018",
language = "English",
note = "null ; Conference date: 27-06-2018 Through 30-06-2018",
url = "https://www.efmaefm.org/0EFMAMEETINGS/EFMA{\%}20ANNUAL{\%}20MEETINGS/2018-Milan/2018{\%}20meetings.php",

}

Fischer, M, Füss, R & Stehle, S 2018, 'Spillover Effects in Residential House Price' Paper presented at, Milan, Italy, 27/06/2018 - 30/06/2018, .

Spillover Effects in Residential House Price. / Fischer, Marcel; Füss, Roland; Stehle, Simon.

2018. Paper presented at European Financial Management Association 2018 Annual Meetings, Milan, Italy.

Research output: Contribution to conferencePaperResearchpeer-review

TY - CONF

T1 - Spillover Effects in Residential House Price

AU - Fischer, Marcel

AU - Füss, Roland

AU - Stehle, Simon

PY - 2018

Y1 - 2018

N2 - We study the micro-level evolution of residential house prices using data on all repeat sales on Manhattan Island from 2004 to 2015. We document that excess returns spill over to other trades in the neighborhood — even after controlling for general house price movements on the zip-code level. This effect quickly vanishes as the distance between trades increases. In booming states of the housing market cycle, spillover effects are weaker in the nearest neighborhood and stronger from more distant neighborhoods.

AB - We study the micro-level evolution of residential house prices using data on all repeat sales on Manhattan Island from 2004 to 2015. We document that excess returns spill over to other trades in the neighborhood — even after controlling for general house price movements on the zip-code level. This effect quickly vanishes as the distance between trades increases. In booming states of the housing market cycle, spillover effects are weaker in the nearest neighborhood and stronger from more distant neighborhoods.

KW - Housing market

KW - Spillover effects

KW - Urban economics

KW - Real estate

KW - Repeat sales

KW - Housing market

KW - Spillover effects

KW - Urban economics

KW - Real estate

KW - Repeat sales

M3 - Paper

ER -

Fischer M, Füss R, Stehle S. Spillover Effects in Residential House Price. 2018. Paper presented at European Financial Management Association 2018 Annual Meetings, Milan, Italy.