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

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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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  • Katherine A. Kiel & Richard T. Carson, 1990. "An Examination of Systematic Differences in the Appreciation of Individual Housing Units," Journal of Real Estate Research, American Real Estate Society, vol. 5(3), pages 301-318.
    • Handle: RePEc:jre:issued:v:5:n:3:1990:p:301-318
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    References listed on IDEAS

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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, June.
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    Cited by:

    1. Tur-Sinai, Aviad & Fleishman, Larisa & Romanov, Dmitri, 2020. "The accuracy of self-reported dwelling valuation," Journal of Housing Economics, Elsevier, vol. 48(C).
    2. Daniel Melser & Adrian D. Lee, 2014. "Estimating the Excess Returns to Housing at a Disaggregated Level: An Application to Sydney 2003–2011," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 42(3), pages 756-790, September.
    3. Lok Sang Ho & Mengna Hu & Xiangdong Wei & Gary Wai Chung Wong, 2023. "The market distortion effects of mortgage tightening and transaction taxes: Evidence from Hong Kong residential resale market," Pacific Economic Review, Wiley Blackwell, vol. 28(1), pages 142-164, February.
    4. William H. Scott & Arthur L. Houston & A. Quang Do, 1993. "Inflation Risk, Payment Tilt, and the Design of Partially Indexed Affordable Mortgages," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 21(1), pages 1-25, March.
    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. 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.
    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. Ioannides, Yannis M., 2003. "Interactive property valuations," Journal of Urban Economics, Elsevier, vol. 53(1), pages 145-170, January.
    9. Harry L. Margulis, 1998. "Predicting the Growth and Filtering of At-risk Housing: Structure Ageing, Poverty and Redlining," Urban Studies, Urban Studies Journal Limited, vol. 35(8), pages 1231-1259, July.
    10. Aviad Tur-Sinai, 2019. "Is a Municipal Boundary a Good Stratification Variable?," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 144(3), pages 1075-1098, August.

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    JEL classification:

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

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