The U. S. market for homes appears riot to be efficient. A number of information variables predict housing price changes and excess returns of housing relative to debt over the succeeding year. Price changes observed over one year tend to continue for one more year in the same direction. Construction cost divided by price, the change in per capita real income, the change in adult population are all positively related to price changes or excess returns over the subsequent year. The results are based on time-series cross section regressions with quarterly data 1970-1 to 1987-3 and for cities Atlanta, Chicago, Dallas, and San Francisco.
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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number
3368.
Length: Date of creation: May 1990 Date of revision: Handle: RePEc:nbr:nberwo:3368
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