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The Dynamics of Metropolitan Housing Prices

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  • G. Donald Jud

    ()
    (University of North Carolina-Greensboro, Greensboro, NC 27402-6165)

  • Dan T. Winkler

    ()
    (University of North Carolina-Greensboro, Greensboro, NC 27402-6165)

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    Abstract

    This article is the winner of the Innovative Thinking ‘‘Thinking Out of the Box’’ manuscript prize (sponsored by the Homer Hoyt Advanced Studies Institute) presented at the 2001 American Real Estate Society Annual Meeting. This study examines the dynamics of real housing price appreciation in 130 metropolitan areas across the United States. The study finds that real housing price appreciation is strongly influenced by the growth of population and real changes in income, construction costs and interest rates. The study also finds that stock market appreciation imparts a strong current and lagged wealth effect on housing prices. Housing appreciation rates also are found to vary across areas because of location-specific fixed-effects; these fixed effects represent the residuals of housing price appreciation attributable to location. The magnitudes of the fixed-effects in particular cities are positively correlated with restrictive growth management policies and limitations on land availability.

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    File URL: http://aux.zicklin.baruch.cuny.edu/jrer/papers/pdf/past/vol23n0102/03.29_46.pdf
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    Bibliographic Info

    Article provided by American Real Estate Society in its journal Journal of Real Estate Research.

    Volume (Year): 23 (2002)
    Issue (Month): 1/2 ()
    Pages: 29-46

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    Handle: RePEc:jre:issued:v:23:n:1/2:2002:p:29-46

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    Postal: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323
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    Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
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    1. Sydney Ludvigson & Charles Steindel, 1998. "How important is the stock market effect on consumption?," Research Paper 9821, Federal Reserve Bank of New York.
    2. Martha Starr-McCluer, 2002. "Stock Market Wealth and Consumer Spending," Economic Inquiry, Western Economic Association International, vol. 40(1), pages 69-79, January.
    3. Timothy J. Bartik, 1991. "Who Benefits from State and Local Economic Development Policies?," Books from Upjohn Press, W.E. Upjohn Institute for Employment Research, number wbsle, December.
    4. Timothy J. Bartik, 2003. "Local Economic Development Policies," Upjohn Working Papers and Journal Articles 03-91, W.E. Upjohn Institute for Employment Research.
    5. Rose, Louis A., 1989. "Topographical constraints and urban land supply indexes," Journal of Urban Economics, Elsevier, vol. 26(3), pages 335-347, November.
    6. 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.
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