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Do macroeconomic factors matter in housing markets?

Author

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  • Pin-Te Lin

Abstract

This research examines whether most variation in house price changes is mainly driven by local or national factors. Employing a novel data containing both capital appreciation and income component in the U.S. Metropolitan Statistical Areas, results show that macroeconomic factors, absorbed by time fixed effects, account for 43% of the variation in capital gains and 2% of the variation in rental yields. Overall, the findings empirically support the prior literature assuming that the nature of housing markets is mainly local. The findings suggest a greater role of local factors for understanding cross-sectional income returns in housing markets.

Suggested Citation

  • Pin-Te Lin, 2022. "Do macroeconomic factors matter in housing markets?," ERES 2022_154, European Real Estate Society (ERES).
    • Handle: RePEc:arz:wpaper:2022_154
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    File URL: https://eres.architexturez.net/doc/eres-id-eres2022-154
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    Keywords

    housing; Local; National;
    All these keywords.

    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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