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The Dynamic Impact of Macroeconomic Aggregates on Housing Prices and Stock of Houses: A National and Regional Analysis

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Baffoe-Bonnie, John

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Abstract

This article analyzes the dynamic effects of four key macroeconomic variables on the housing prices and the stock of houses sold on the national and regional levels using a nonstructural estimation technique. The impulse response functions derived from the VAR suggest that macroeconomic variables produce cycles in housing prices and houses sold. The housing market was found to be very sensitive to shocks in the employment growth and mortgage rate at both the national and regional levels. In particular, regional housing prices reflect regional employment growth, as well as national mortgage rates. The study also reveals that the economic variables have a different impact on the dynamic behavior of housing prices and the number of houses sold in different regions at different time periods and that these economic aggregates alone cannot explain the fluctuations in real estate values and construction levels that occurred in some regions. Copyright 1998 by Kluwer Academic Publishers

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Publisher Info
Article provided by Springer in its journal Journal of Real Estate Finance & Economics.

Volume (Year): 17 (1998)
Issue (Month): 2 (September)
Pages: 179-97
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Handle: RePEc:kap:jrefec:v:17:y:1998:i:2:p:179-97

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  1. N. Apergis & A. Rezitis, 2003. "Housing prices and macroeconomic factors in Greece: prospects within the EMU," Applied Economics Letters, Taylor and Francis Journals, vol. 10(9), pages 561-565, July. [Downloadable!] (restricted)
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  2. Renee A. Fry & Vance L. Martin & Nicholas Voukelatos, 2009. "Overvaluation In Australian Housing And Equity Markets: Wealth Effects Or Monetary Policy?," CAMA Working Papers 2009-10, Australian National University, Centre for Applied Macroeconomic Analysis. [Downloadable!]
  3. Min Hwang & John Quigley, 2006. "Economic Fundamentals in Local Housing Markets: Evidence from U.S. Metropolitan Regions," Berkeley Program on Housing and Urban Policy, Working Paper Series 1050, Berkeley Program on Housing and Urban Policy. [Downloadable!]
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  4. Pami Dua, 2004. "Analysis of Consumers' Perceptions of Buying Conditions for Houses," Working papers 127, Centre for Development Economics, Delhi School of Economics. [Downloadable!]
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  5. Ivo J.M. Arnold & Clemens J.M. Kool, 2003. "The Role of Inflation Differentials in Regional Adjustment: Evidence from the United States," Working Papers 04-13, Utrecht School of Economics. [Downloadable!]
  6. Cletus C. Coughlin & Thomas A. Garrett & Rubén Hernández-Murillo, 2006. "Spatial dependence in models of state fiscal policy convergence," Working Papers 2006-001, Federal Reserve Bank of St. Louis. [Downloadable!]
  7. Sei-Wan Kim & Radha Bhattacharya, 2009. "Regional Housing Prices in the USA: An Empirical Investigation of Nonlinearity," The Journal of Real Estate Finance and Economics, Springer, vol. 38(4), pages 443-460, May. [Downloadable!] (restricted)
  8. Nicholas Apergis, 2003. "Housing Prices and Macroeconomic Factors: Prospects within the European Monetary Union," International Real Estate Review, Asian Real Estate Society, vol. 6(1), pages 63-47. [Downloadable!]
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