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House price differentials and dynamics: evidence from the Los Angeles and San Francisco metropolitan areas

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Author Info
Stuart A. Gabriel
Joe P. Mattey
William L. Wascher

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Abstract

This paper applies insights from economic theory to explain recent housing price patterns in California's two largest metropolitan areas. We pay particular attention to the role of migration between metropolitan areas in explaining overall housing price dynamics for a given metropolitan area, and we show how household mobility within a metropolitan area tends to attenuate price pressures in the most supply-constrained places. In reviewing various models' ability to explain California's house price patterns, we also provide some historical perspective on California's urban structure, population growth, and housing price trends.

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Publisher Info
Article provided by Federal Reserve Bank of San Francisco in its journal Economic Review.

Volume (Year): (1999)
Issue (Month): ()
Pages: 3-22
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Handle: RePEc:fip:fedfer:y:1999:p:3-22:n:1

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Related research
Keywords: Housing - Prices ; San Francisco (Calif.) ; Los Angeles (Calif.);

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Stephen Malpezzi, 1994. "Housing Prices, Externalities, and Regulation in U.S. Metropolitan Areas," Wisconsin-Madison CULER working papers 94-08, University of Wisconsin Center for Urban Land Economic Research.
  2. Stuart A. Gabriel & Joe P. Mattey & William L. Wascher, 1995. "The demise of California reconsidered: interstate migration over the economic cycle," Economic Review, Federal Reserve Bank of San Francisco, pages 30-48. [Downloadable!]
  3. Gabriel, Stuart A. & Mattey, Joe P. & Wascher, William L., 2003. "Compensating differentials and evolution in the quality-of-life among U.S. states," Regional Science and Urban Economics, Elsevier, vol. 33(5), pages 619-649, September. [Downloadable!] (restricted)
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  4. Meese Richard & Wallace Nancy, 1994. "Testing the Present Value Relation for Housing Prices: Should I Leave My House in San Francisco?," Journal of Urban Economics, Elsevier, vol. 35(3), pages 245-266, May. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. John Krainer, 1999. "Real estate liquidity," Economic Review, Federal Reserve Bank of San Francisco, pages 14-26. [Downloadable!]
  2. John Quigley & Steven Raphael & Eugene Smolensky, 2006. "Homeless in America, Homeless in California," Berkeley Program on Housing and Urban Policy, Working Paper Series 1006, Berkeley Program on Housing and Urban Policy. [Downloadable!]
    Other versions:
  3. David E. Frame, 2008. "Regional Migration and House Price Appreciation," International Real Estate Review, Asian Real Estate Society, vol. 11(1), pages 96-112. [Downloadable!]
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