IDEAS home Printed from https://ideas.repec.org/a/jre/issued/v1n11986p45-66.html
   My bibliography  Save this article

Intercity Differences in Home Price Appreciation

Author

Abstract

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
    as

    Download full text from publisher

    File URL: http://pages.jh.edu/jrer/papers/pdf/past/vol01n01/v01p045.pdf
    File Function: Full text
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    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.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    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. Peter D. Linneman & Isaac F. Megbolugbe, 1992. "Housing Affordability: Myth or Reality?," Urban Studies, Urban Studies Journal Limited, vol. 29(3-4), pages 369-392, May.
    3. 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.
    4. Xiaoping Zhou & Zhenyang Qin & Yingjie Zhang & Linyi Zhao & Yan Song, 2019. "Quantitative Estimation and Spatiotemporal Characteristic Analysis of Price Deviation in China's Housing Market," Sustainability, MDPI, vol. 11(24), pages 1-28, December.
    5. An, Galina & Becker, Charles & Cheng, Enoch, 2021. "Housing price appreciation and economic integration in a transition economy: Evidence from Kazakhstan," Journal of Housing Economics, Elsevier, vol. 52(C).
    6. Yanchuan Mou & Qingsong He & Bo Zhou, 2017. "Detecting the Spatially Non-Stationary Relationships between Housing Price and Its Determinants in China: Guide for Housing Market Sustainability," Sustainability, MDPI, vol. 9(10), pages 1-17, October.
    7. 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).
    8. 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.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Mark J Holmes & Jesús Otero & Theodore Panagiotidis, 2018. "Climbing the property ladder: An analysis of market integration in London property prices," Urban Studies, Urban Studies Journal Limited, vol. 55(12), pages 2660-2681, September.
    2. Celia Bilbao-Terol, 2009. "Impacts of an Iron and Steel Plant on Residential Property Values," European Planning Studies, Taylor & Francis Journals, vol. 17(9), pages 1421-1436, September.
    3. Maurizio d’Amato, 2007. "Comparing Rough Set Theory with Multiple Regression Analysis as Automated Valuation Methodologies," International Real Estate Review, Global Social Science Institute, vol. 10(2), pages 42-65.
    4. Dinan, Terry Marie, 1984. "Obtaining the optimal fuel conserving investment mix: a linear programming-hedonic technique approach," ISU General Staff Papers 198401010800009157, Iowa State University, Department of Economics.
    5. Mark J. Holmes & Jesús Otero & Theodore Panagiotidis, 2017. "A Pair-wise Analysis of Intra-city Price Convergence Within the Paris Housing Market," The Journal of Real Estate Finance and Economics, Springer, vol. 54(1), pages 1-16, January.
    6. Osseni, Abdel & Bareille, Francois & DUPRAZ, Pierre, 2018. "Decoupling Values Of Agricultural Externalities According To Scale: A Spatial Hedonic Approach In Brittany," 2018 Annual Meeting, August 5-7, Washington, D.C. 273998, Agricultural and Applied Economics Association.
    7. Ranney, Christine K., 1981. "The Food Stamp Program: Can We Talk About Its Efficiency?," 1981 Annual Meeting, July 26-29, Clemson, South Carolina 279331, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    8. Weber, Bruce A. & Buchanan, Shepard C., 1980. "The Impact Of Population Growth On Residential Property Taxes," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 5(2), pages 1-8, December.
    9. Patrick J. Wilson & Ralf Zurbruegg, 2008. "Big City Difference? Another Look at Factors Driving House Prices," Journal of Property Research, Taylor & Francis Journals, vol. 25(2), pages 157-177, November.
    10. Stephen Malpezzi, "undated". "Hedonic Pricing Models: A Selective and Applied Review," Wisconsin-Madison CULER working papers 02-05, University of Wisconsin Center for Urban Land Economic Research.
    11. repec:zbw:cawmdp:64 is not listed on IDEAS
    12. Xiaoqi Zhang & Yanqiao Zheng & Lei Sun & Qiwen Dai, 2019. "Urban Structure, Subway Systemand Housing Price: Evidence from Beijing and Hangzhou, China," Sustainability, MDPI, vol. 11(3), pages 1-23, January.
    13. Jorge González, 2008. "Commuting costs and labor force retirement," Working Papers. Serie AD 2008-19, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).

    More about this item

    JEL classification:

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

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:jre:issued:v:1:n:1:1986:p:45-66. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: JRER Graduate Assistant/Webmaster (email available below). General contact details of provider: http://www.aresnet.org/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.