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Predicting housing prices at alternative locations and in alternative scenarios of the spatial job distribution

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Abstract

Alternative hedonic model formulations are used to compare predicted and observed prices of property transactions in alternative locations. The estimation of model parameters is based on data from Western Norway, and alternative model formulations primarily differ with respect to how spatial structure is represented. In addition to evaluating the predicability of alternative model formulations we also study how housing prices in different areas are affected by changes in the spatial distribution of employment. Alternative scenarios of job relocations are considered. We find, for instance, that the local impact of labor market shocks is negatively related to the degree of urbanization in the relevant region.

Suggested Citation

  • Osland, Liv & Thorsen, Inge, 2007. "Predicting housing prices at alternative locations and in alternative scenarios of the spatial job distribution," Working Papers in Economics 16/07, University of Bergen, Department of Economics.
  • Handle: RePEc:hhs:bergec:2007_016
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    File URL: http://www.uib.no/filearchive/no.-16-07.pdf
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    References listed on IDEAS

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    1. Richard Voith, 1999. "The Suburban Housing Market: Effects of City and Suburban Employment Growth," Real Estate Economics, American Real Estate and Urban Economics Association, pages 621-648.
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    More about this item

    Keywords

    Housing Demand; Housing Supply and Markets.;

    JEL classification:

    • R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand
    • 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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