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Accuracy of Regional Single-Family Housing Start Forecasts

Author

Listed:
  • Thomas M. Fullerton Jr.

    (University of Texas at El Paso)

  • Juan Alberto Luevano

    (University of Texas at El Paso)

  • Carol Taylor West

    (University of Florida)

Abstract

Regional single-family housing start forecasts are used in numerous banking, government, public utility, and retail applications. Despite that, they have not been systematically examined for predictive accuracy. This article analyzes quarterly single-family housing start forecasts for Florida and its six largest metropolitan economies. The sample period covers 1985:1 through 1996:2 and includes a complete business cycle. In contrast to regional employment, the econometric housing activity forecasts do not fare well against univariate ARIMA and random walk benchmarks.

Suggested Citation

  • Thomas M. Fullerton Jr. & Juan Alberto Luevano & Carol Taylor West, 2004. "Accuracy of Regional Single-Family Housing Start Forecasts," Urban/Regional 0404010, University Library of Munich, Germany.
    • Handle: RePEc:wpa:wuwpur:0404010
    Note: Type of Document - doc; pages: 17
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    References listed on IDEAS

    as
    1. Thomas M. Fullerton JR., 2001. "Specification of a Borderplex Econometric Forecasting Model," International Regional Science Review, , vol. 24(2), pages 245-260, April.
    2. Ashley, Richard, 1988. "On the relative worth of recent macroeconomic forecasts," International Journal of Forecasting, Elsevier, vol. 4(3), pages 363-376.
    3. Fullerton, Jr., Thomas M. & Taylor West, Carol A., 1998. "Regional Econometric Housing Start Forecast Accuracy in Florida," The Review of Regional Studies, Southern Regional Science Association, vol. 28(3), pages 15-42, Winter.
    4. Stephen K. McNees, 1992. "How large are economic forecast errors?," New England Economic Review, Federal Reserve Bank of Boston, issue Jul, pages 25-42.
    5. Topel, Robert H & Rosen, Sherwin, 1988. "Housing Investment in the United States," Journal of Political Economy, University of Chicago Press, vol. 96(4), pages 718-740, August.
    6. Carol Taylor West & Thomas M. Fullerton Jr., 2004. "Assessing the Historical Accuracy of Regional Economic Forecasts," Urban/Regional 0404009, University Library of Munich, Germany.
    7. Fullerton, Thomas Jr. & Laaksonen, Mika M. & West, Carol T., 2001. "Regional multi-family housing start forecast accuracy," International Journal of Forecasting, Elsevier, vol. 17(2), pages 171-180.
    8. David G. Lenze, 2000. "Forecast Accuracy and Efficiency: An Evaluation of Ex Ante Substate Long-Term Forecasts," International Regional Science Review, , vol. 23(2), pages 201-226, April.
    9. Mizrach, Bruce, 1992. "The distribution of the Theil U-statistic in bivariate normal populations," Economics Letters, Elsevier, vol. 38(2), pages 163-167, February.
    10. Lester Hunt & Martin Snell, 1997. "Comparative Properties of Local Econometric Models in the UK," Regional Studies, Taylor & Francis Journals, vol. 31(9), pages 891-901.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Thomas M Fullerton Jr, 2005. "Borderplex Bridge and Air Econometric Forecast Accuracy," Urban/Regional 0501005, University Library of Munich, Germany.
    2. Thomas M. Fullerton Jr. & Ana Cecilia Nava, 2004. "Short-Term Water Dynamics in Chihuahua City, Mexico," Urban/Regional 0404001, University Library of Munich, Germany.
    3. Croce, Roberto M. & Haurin, Donald R., 2009. "Predicting turning points in the housing market," Journal of Housing Economics, Elsevier, vol. 18(4), pages 281-293, December.

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    More about this item

    Keywords

    Regional housing start forecasts;

    JEL classification:

    • R - Urban, Rural, Regional, Real Estate, and Transportation Economics

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