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An Examination of Systematic Differences in the Appreciation of Individual Housing Units

Abstract

House price appreciation should play an important role in households' decisions of when, where, and how "much" house to buy, and whether to default on their mortgages. Several price indexes are published which could be used as a measure of appreciation, but their focus on aggregate price changes does not facilitate their inclusion in micro-level studies of housing decisions. This paper examines individual housing unit appreciation using owners' valuations. This measure is accurate and is available in several commonly used data sets. Systematic differences in these rates are found between cities, within cities, between different types of units, and between individual owners.

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File URL: http://pages.jh.edu/jrer/papers/pdf/past/vol05n03/v05p301.pdf
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Article provided by American Real Estate Society in its journal Journal of Real Estate Research.

Volume (Year): 5 (1990)
Issue (Month): 3 ()
Pages: 301-318

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Handle: RePEc:jre:issued:v:5:n:3:1990:p:301-318
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American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323

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Order Information: Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
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Find related papers by JEL classification:

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

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  1. David Dale-Johnson & G. Michael Phillips, 1984. "Housing Attributes Associated with Capital Gain," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 12(2), pages 162-175.
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Cited by:

  1. Douglas Coate & Richard Schwester, 2008. "Black-White Appreciation of Owner Occupied Homes in Upper Income Suburban Integrated Communities: The Cases of Maplewood and Montclair, New Jersey," Working Papers Rutgers University, Newark 2008-001, Department of Economics, Rutgers University, Newark.
  2. 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).
  3. Ioannides, Yannis M., 2003. "Interactive property valuations," Journal of Urban Economics, Elsevier, vol. 53(1), pages 145-170, January.

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