The Spatial Proximity of Metropolitan Area Housing Submarkets
AbstractAn important question related to housing submarket construction is whether geographic areas must be spatially adjacent in order to be considered the same submarket. Housing consumers do not necessarily limit their search to spatially concentrated areas and may search similarly priced neighborhoods located throughout a metropolitan area when making housing consumption decisions. This article examines two alternative procedures for delineating submarkets: one that combines adjacent census block groups into areas with enough transactions to estimate the parameters of a hedonic house price equation and a second that permits spatial discontinuities in submarkets. The criterion used to evaluate the alternative techniques is the accuracy of hedonic house price predictions. Copyright 2007 American Real Estate and Urban Economics Association
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Bibliographic InfoArticle provided by American Real Estate and Urban Economics Association in its journal Real Estate Economics.
Volume (Year): 35 (2007)
Issue (Month): 2 (06)
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- Dorsey, Robert E. & Hu, Haixin & Mayer, Walter J. & Wang, Hui-chen, 2010. "Hedonic versus repeat-sales housing price indexes for measuring the recent boom-bust cycle," Journal of Housing Economics, Elsevier, vol. 19(2), pages 75-93, June.
- Michael Iacono & David Levinson, 2011. "Accessibility Dynamics and Location Premia: Do Land Values Follow Accessibility Changes?," Working Papers 000087, University of Minnesota: Nexus Research Group.
- Redfearn, Christian L., 2009. "How informative are average effects? Hedonic regression and amenity capitalization in complex urban housing markets," Regional Science and Urban Economics, Elsevier, vol. 39(3), pages 297-306, May.
- Arnab Bhattacharjee & Eduardo Castro & Taps Maiti & JoÃ£o Marques, 2014. "Endogenous spatial structure and delineation of submarkets: A new framework with application to housing markets," SEEC Discussion Papers 1403, Spatial Economics and Econometrics Centre, Heriot Watt University.
- Kiefer, Hua, 2011. "The house price determination process: Rational expectations with a spatial context," Journal of Housing Economics, Elsevier, vol. 20(4), pages 249-266.
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