The Dynamics of Metropolitan Housing Prices
AbstractThis 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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Bibliographic InfoArticle provided by American Real Estate Society in its journal Journal of Real Estate Research.
Volume (Year): 23 (2002)
Issue (Month): 1/2 ()
Contact details of provider:
Postal: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323
Web page: http://www.aresnet.org/
Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
Find related papers by JEL classification:
- L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services
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.:
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- Martha Starr-McCluer, 2002.
"Stock Market Wealth and Consumer Spending,"
Western Economic Association International, vol. 40(1), pages 69-79, January.
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