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Intercity Differences in Home Price Appreciation



The rate of home price appreciation varies substantially among cities. Yet, no prior research on the subject has been uncovered. This paper develops and tests an equilibrium model seeking to explain this interurban variation in owner-occupied home price appreciation. Intercity changes in housing demand, based upon homeowner "quality of life" equilibrium, is represented by several "non-monetary income" determinants in addition to several monetary "real income" determinants. Changes in the supply of homes was found to be primarily dependent upon interurban variation in cost related factors. Empirical tests with a reduced form equation using aggregated 1970 and 1980 data on 92 SMSAs suggest explanation for approximately 70% of this intercity variation in home price appreciation.

Suggested Citation

  • Christopher A. Manning, 1986. "Intercity Differences in Home Price Appreciation," Journal of Real Estate Research, American Real Estate Society, vol. 1(1), pages 45-66.
  • Handle: RePEc:jre:issued:v:1:n:1:1986:p:45-66

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    References listed on IDEAS

    1. Michael J. Ball, 1973. "Recent Empirical Work on the Determinants of Relative House Prices," Urban Studies, Urban Studies Journal Limited, vol. 10(2), pages 213-233, June.
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    Cited by:

    1. Andrew Holmes & Paul Horvitz & Joe James, 1997. "Mortgage Loans to Nonoccupants as an Indicator of Racial Redlining," Journal of Financial Services Research, Springer;Western Finance Association, vol. 11(1), pages 95-108, February.
    2. Donald Haurin & David Brasington, 1996. "The Impact of School Quality on Real House Prices: Interjurisdictional Effects," Working Papers 010, Ohio State University, Department of Economics.
    3. repec:gam:jsusta:v:9:y:2017:i:10:p:1826-:d:114513 is not listed on IDEAS
    4. Barth, James R. & Benefield, Justin D. & Hollans, Harris, 2015. "Industry Concentration and Regional Housing Market Performance," Journal of Regional Analysis and Policy, Mid-Continent Regional Science Association, vol. 45(2).
    5. Michael Devaney & William Rayburn, 1993. "Neighborhood Racial Transition and Housing Returns: A Portfolio Approach," Journal of Real Estate Research, American Real Estate Society, vol. 8(2), pages 239-252.

    More about this item

    JEL classification:

    • L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services


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