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Housing market segmentation: An application of convergence tests to Los Angeles region housing

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  • Craig A. Gallet

Abstract

Various techniques have been offered to measure the extent of a market. This paper uses a technique that has gained momentum in the economic growth literature, namely time-series convergence, to identify housing markets in the LA region. Using single-family housing price data over the 1992:1 to 2001:3 period, we find that convergence of housing prices is specific to various county clusters. This suggests that there are unique housing markets throughout the LA region. Copyright Springer-Verlag 2004

Suggested Citation

  • Craig A. Gallet, 2004. "Housing market segmentation: An application of convergence tests to Los Angeles region housing," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 38(3), pages 551-561, September.
    • Handle: RePEc:spr:anresc:v:38:y:2004:i:3:p:551-561
    DOI: 10.1007/s00168-003-0140-2
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    Citations

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    Cited by:

    1. Song, Zisheng & Wilhelmsson, Mats & Yang, Zan, 2020. "Constructing a rental housing index and identifying market segmentation in the case of Beijing, China," Working Paper Series 20/10, Royal Institute of Technology, Department of Real Estate and Construction Management & Banking and Finance.
    2. Ryan Greenaway‐McGrevy & Arthur Grimes & Mark Holmes, 2019. "Two countries, sixteen cities, five thousand kilometres: How many housing markets?," Papers in Regional Science, Wiley Blackwell, vol. 98(1), pages 353-370, February.
    3. Tsai, I-Chun & Chiang, Shu-Hen, 2019. "Exuberance and spillovers in housing markets: Evidence from first- and second-tier cities in China," Regional Science and Urban Economics, Elsevier, vol. 77(C), pages 75-86.
    4. Arthur Grimes & Mark Holmes, 2010. "New Zealand Housing Markets: Just a Bit-Player in the A-League?," Working Papers 10_07, Motu Economic and Public Policy Research.
    5. Patrick Wilson & Michael White & Neil Dunse & Chee Cheong & Ralf Zurbruegg, 2011. "Modelling Price Movements in Housing Micro Markets," Urban Studies, Urban Studies Journal Limited, vol. 48(9), pages 1853-1874, July.
    6. Wigren, Rune & Wilhelmsson, Mats, 2007. "Construction investments and economic growth in Western Europe," Journal of Policy Modeling, Elsevier, vol. 29(3), pages 439-451.
    7. Shu-hen Chiang, 2014. "Housing Markets in China and Policy Implications: Comovement or Ripple Effect," China & World Economy, Institute of World Economics and Politics, Chinese Academy of Social Sciences, vol. 22(6), pages 103-120, November.
    8. Michael White & Qiulin Ke, 2014. "Investigating the dynamics of, and interactions between, Shanghai office submarkets," Journal of Property Research, Taylor & Francis Journals, vol. 31(1), pages 26-44, March.
    9. Lee, Hahn Shik & Lee, Woo Suk, 2019. "Cross-regional connectedness in the Korean housing market," Journal of Housing Economics, Elsevier, vol. 46(C).
    10. James E. Payne & Xiaojin Sun, 2023. "Time‐varying connectedness of metropolitan housing markets," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 51(2), pages 470-502, March.

    More about this item

    Keywords

    L10; R31;

    JEL classification:

    • L10 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - General
    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets

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