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Local House Price Comovements

Author

Listed:
  • Marcel Fischer
  • Roland Füss
  • Simon Stehle

Abstract

We study the micro-level evolution of residential house prices using data on repeat sales on Manhattan Island from 2004 to 2015. We document that excess price comovement is a highly local and persistent phenomenon. The strength of such excess comovements vanishes with both spatial and temporal distance. Local underperformance is more persistent than local overperformance - particularly when house prices on aggregate level increase.

Suggested Citation

  • Marcel Fischer & Roland Füss & Simon Stehle, 2019. "Local House Price Comovements," Working Papers on Finance 1906, University of St. Gallen, School of Finance.
    • Handle: RePEc:usg:sfwpfi:2019:06
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    File URL: http://ux-tauri.unisg.ch/RePEc/usg/sfwpfi/WPF-1906.pdf
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    References listed on IDEAS

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    2. Coën, Alain & Pourcelot, Alexis & Malle, Richard, 2022. "Macroeconomic shocks and ripple effects in the Greater Paris Metropolis," Journal of Housing Economics, Elsevier, vol. 56(C).

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    More about this item

    Keywords

    Housing market; price comovements; urban economics; realt estate; repeat sales;
    All these keywords.

    JEL classification:

    • R30 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - General
    • R32 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Other Spatial Production and Pricing Analysis

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