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The Dynamics of Housing Prices

Listed author(s):
  • Sheridan Titman
  • Ko Wang
  • Jing Yang

We analyze the prices of owner-occupied housing in 97 metropolitan areas between 1980 and 2011. Our tests indicate that price changes exhibit positive serial correlation at the one year intervals, with subsequent reversals of price changes over longer intervals. Consistent with our simple model, regional differences in observed price patterns reflect differences in the serial correlation of the demand shocks as well as the elasticity of supply responses.

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File URL: http://www.nber.org/papers/w20418.pdf
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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 20418.

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Date of creation: Aug 2014
Handle: RePEc:nbr:nberwo:20418
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  19. Campbell, Sean D. & Davis, Morris A. & Gallin, Joshua & Martin, Robert F., 2009. "What moves housing markets: A variance decomposition of the rent-price ratio," Journal of Urban Economics, Elsevier, vol. 66(2), pages 90-102, September.
  20. Joseph Gyourko & Albert Saiz & Anita Summers, 2008. "A New Measure of the Local Regulatory Environment for Housing Markets: The Wharton Residential Land Use Regulatory Index," Urban Studies, Urban Studies Journal Limited, vol. 45(3), pages 693-729, March.
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