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House Price Changes and Idiosyncratic Risk: The Impact of Property Characteristics

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Author Info
Steven C. Bourassa
Donald R. Haurin
Jessica L. Haurin
Martin Hoesli
Jian Sun

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Abstract

Although the average change in house prices is related to changes in fundamentals or perhaps market-wide bubbles, not all houses in a market appreciate at the same rate. The primary focus of our study is to investigate the reasons for these variations in price changes among houses within a market. We draw on three theories for guidance, one related to the optimal search strategy for sellers of atypical dwellings, another focusing on the bargaining process between a seller and potential buyers and the third relying on the concept of land leverage. We hypothesize that houses will appreciate at different rates depending on the characteristics of the property and the change in the strength of the housing market. These hypotheses are supported using data from three New Zealand housing markets. Copyright (c) 2009 American Real Estate and Urban Economics Association.

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File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1540-6229.2009.00242.x
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Publisher Info
Article provided by American Real Estate and Urban Economics Association in its journal Real Estate Economics.

Volume (Year): 37 (2009)
Issue (Month): 2 ()
Pages: 259-278
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Handle: RePEc:bla:reesec:v:37:y:2009:i:2:p:259-278

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    Other versions:
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    Other versions:
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  6. Dennis R. Capozza & Ryan D. Israelsen & Thomas A. Thomson, 2005. "Appraisal, Agency and Atypicality: Evidence from Manufactured Homes," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 33(3), pages 509-537, 09. [Downloadable!] (restricted)
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  12. J. Allen Seward & Charles J. Delaney & Marc T. Smith, 1992. "An Empirical Analysis of Housing Price Appreciation in a Market Stratified by Size and Value of the Housing Stock," Journal of Real Estate Research, American Real Estate Society, vol. 7(2), pages 195-206. [Downloadable!]
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  23. John P. Harding & John R. Knight & C.F. Sirmans, 2003. "Estimating Bargaining Effects in Hedonic Models: Evidence from the Housing Market," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 31(4), pages 601-622, December. [Downloadable!] (restricted)
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    Other versions:
  26. Marjorie Flavin & Takashi Yamashita, 2002. "Owner-Occupied Housing and the Composition of the Household Portfolio," American Economic Review, American Economic Association, vol. 92(1), pages 345-362, March. [Downloadable!]
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