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The Effect of School Desegregation Decisions on Single-Family Housing Prices

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Abstract

Mean price per square foot for single-family residences is computed monthly in two adjacent areas of Memphis, Tennessee, for 180 months. The ratio of the mean prices reflects the time patterns of differential impacts of school desegregation events on the neighborhoods that had different racial characteristics. That ratio appears to be a stochastic process described by an ARIMA (1,1,3) (0,0,1) model, interrupted by four events: the Shelby County School segregation guilty decision in August 1971, the Memphis City School segregation guilty decision in December 1971, the implementation of the city's "Plan A" limited busing in January 1973, and the switch to massive bussing under "Plan Z" in that December.

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  • Richard D. Evans & William Rayburn, 1991. "The Effect of School Desegregation Decisions on Single-Family Housing Prices," Journal of Real Estate Research, American Real Estate Society, vol. 6(2), pages 107-216.
    • Handle: RePEc:jre:issued:v:6:n:2:1991:p:107-216
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    1. William Rayburn & Michael Devaney & Richard Evans, 1987. "A Test of Weak‐Form Efficiency in Residential Real Estate Returns," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 15(3), pages 220-233, September.
    2. Clotfelter, Charles T, 1975. "The Effect of School Desegregation on Housing Prices," The Review of Economics and Statistics, MIT Press, vol. 57(4), pages 446-451, November.
    3. G. Donald Jud & James M. Watts, 1981. "Schools and Housing Values," Land Economics, University of Wisconsin Press, vol. 57(3), pages 459-470.
    4. Gau, George W, 1984. "Weak Form Tests of the Efficiency of Real Estate Investment Markets," The Financial Review, Eastern Finance Association, vol. 19(4), pages 301-320, November.
    5. Kerry D. Vandell & Robert H. Zerbst, 1984. "Estimates of the Effect of School Desegregation Plans on Housing Values Over Time," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 12(2), pages 109-135, June.
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    Cited by:

    1. Maier, Gunther & Herath, Shanaka, 2009. "Real Estate Market Efficiency. A Survey of Literature," SRE-Discussion Papers 2009/07, WU Vienna University of Economics and Business.
    2. Armonat, Stefan & Pfnür, Andreas, 2002. "Basel II and the German credit crunch?," Publications of Darmstadt Technical University, Institute for Business Studies (BWL) 35585, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL).
    3. 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.

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    JEL classification:

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

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