The Dynamics of Metropolitan Housing Prices
This article is the winner of the Innovative Thinking â€˜â€˜Thinking Out of the Boxâ€™â€™ manuscript prize (sponsored by the Homer Hoyt Advanced Studies Institute) presented at the 2001 American Real Estate Society Annual Meeting. This study examines the dynamics of real housing price appreciation in 130 metropolitan areas across the United States. The study finds that real housing price appreciation is strongly influenced by the growth of population and real changes in income, construction costs and interest rates. The study also finds that stock market appreciation imparts a strong current and lagged wealth effect on housing prices. Housing appreciation rates also are found to vary across areas because of location-specific fixed-effects; these fixed effects represent the residuals of housing price appreciation attributable to location. The magnitudes of the fixed-effects in particular cities are positively correlated with restrictive growth management policies and limitations on land availability.
Volume (Year): 23 (2002)
Issue (Month): 1/2 ()
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References listed on IDEAS
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- Timothy J. Bartik, 2003. "Local Economic Development Policies," Upjohn Working Papers and Journal Articles 03-91, W.E. Upjohn Institute for Employment Research.
- Martha Starr-McCluer, 2002.
"Stock Market Wealth and Consumer Spending,"
Western Economic Association International, vol. 40(1), pages 69-79, January.
- Martha Starr-McCluer, 1998. "Stock market wealth and consumer spending," Finance and Economics Discussion Series 1998-20, Board of Governors of the Federal Reserve System (U.S.).
- Timothy J. Bartik, 1991. "Who Benefits from State and Local Economic Development Policies?," Books from Upjohn Press, W.E. Upjohn Institute for Employment Research, number wbsle, December.
- Sydney Ludvigson & Charles Steindel, 1999. "How important is the stock market effect on consumption?," Economic Policy Review, Federal Reserve Bank of New York, issue Jul, pages 29-51.
- Sydney Ludvigson & Charles Steindel, 1998. "How important is the stock market effect on consumption?," Research Paper 9821, Federal Reserve Bank of New York.
- Stephen Malpezzi, 1994. "Housing Prices, Externalities, and Regulation in U.S. Metropolitan Areas," Wisconsin-Madison CULER working papers 94-08, University of Wisconsin Center for Urban Land Economic Research.
- Rose, Louis A., 1989. "Topographical constraints and urban land supply indexes," Journal of Urban Economics, Elsevier, vol. 26(3), pages 335-347, November. Full references (including those not matched with items on IDEAS)
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