Local House Price Comovements

descriptionPublicationkeyboard_double_arrow_right Article , Conference object , Research , Other literature type , Book , Report 01 Jan 2019 Switzerland English Publisher:Elsevier BVJournal:SSRN Electronic Journal (eissn: 1556-5068,

Copyright policy )

Authors: Marcel Fischer; Roland Füss; Simon Stehle;

doi: 10.2139/ssrn.3403551 , 10.1111/1540-6229.12331

handle: 10398/a885a2d4-9100-4b34-bb80-a66d2bd7105e , 10398/93065911-581d-4d36-9258-7bfb62f9802b , 10398/52bec9d2-ee9b-4f59-bf5a-c45e106215c7 , 20.500.14171/98622

Local House Price Comovements

- Summary
- Subjects
- Metrics

Abstract

AbstractWe 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.

Country

Switzerland

Related Organizations

Copenhagen Business School
Denmark
University of Konstanz
Germany
Norwegian University of Science and Technology
Norway
University of St. Gallen
Switzerland
Swiss Finance Institute
Switzerland

Keywords

Economics and Econometrics, Price comovements, Urban economics, 330, real estate, finance, Repeat sales, economics, Housing market, Real estate, price comovements, business studies, urban economics, Accounting, Housing market, price comovements, urban economics, real estate, repeat sales., repeat sales, Finance

Impact byBIP!

	selected citations These citations are derived from selected sources. This is an alternative to the "Influence" indicator, which also reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).	9
	popularity This indicator reflects the "current" impact/attention (the "hype") of an article in the research community at large, based on the underlying citation network.	Top 10%
	influence This indicator reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).	Average
	impulse This indicator reflects the initial momentum of an article directly after its publication, based on the underlying citation network.	Average