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Local House Price Dynamics: New Indices and Stylized Facts

Author

Listed:
  • Alexander Bogin
  • William Doerner
  • William Larson

Abstract

We introduce the first publicly available data set of constant‐quality house price indices for counties, ZIP codes and census tracts in the United States, at an annual frequency, over a 40‐year period. Between 1990 and 2015, house price gradients within large cities steepen, documenting a reversal of decades of increasing relative desirability of suburban locations. Real house prices are more likely to be nonstationary near the centers of large cities. Within‐city differences in house price appreciation at the ZIP code level are, on average, about half of between‐city differences, though this ratio varies depending on the time period and city size.

Suggested Citation

  • Alexander Bogin & William Doerner & William Larson, 2019. "Local House Price Dynamics: New Indices and Stylized Facts," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 47(2), pages 365-398, June.
    • Handle: RePEc:bla:reesec:v:47:y:2019:i:2:p:365-398
    DOI: 10.1111/1540-6229.12233
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    JEL classification:

    • C43 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Index Numbers and Aggregation
    • R14 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Land Use Patterns
    • R30 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - General

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