Structural change in a local urban housing market
AbstractThis paper addresses the structural change in a local urban housing market within a submarket framework. There is a voluminous literature examining the economic structure and operation of urban housing submarkets, with much of the associated empirical work based on static cross-sectional studies. Analysis of the temporal dynamics of local markets has tended to be perfunctory. As such, our understanding of structural change over time remains underdeveloped. In this paper we construct repeat-sale indices at the urban submarket level and deploy cointegration analysis to examine the stability of spatially defined housing submarkets within Glasgow between 1984 and 1997. Specifically, we consider whether price differences between submarkets have been eroded by a process of arbitrage operating through supply-side responses and/or migration flows. The empirical analysis shows that a stable system of housing submarkets persists throughout the study period.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoArticle provided by Pion Ltd, London in its journal Environment and Planning A.
Volume (Year): 35 (2003)
Issue (Month): 7 (July)
Contact details of provider:
Web page: http://www.pion.co.uk
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Chen, Pei-Fen & Chien, Mei-Se & Lee, Chien-Chiang, 2011. "Dynamic modeling of regional house price diffusion in Taiwan," Journal of Housing Economics, Elsevier, vol. 20(4), pages 315-332.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Neil Hammond).
If references are entirely missing, you can add them using this form.