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The Dynamics of Housing Prices

Sheridan Titman (sheridan.titman@mccombs.utexas.edu), Ko Wang (ko.wang@jhu.edu) and Jing Yang (jyang@fullerton.edu)
Additional contact information
Sheridan Titman: University of Texas at Austin
Ko Wang: Johns Hopkins University
Jing Yang: California State University, Fullerton

Journal of Real Estate Research, 2014, vol. 36, issue 3, 283-317

Abstract: 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.

JEL-codes: L85 (search for similar items in EconPapers)
Date: 2014
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Citations: View citations in EconPapers (12)

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