THE IMPACT OF INFLATION ON NEW HOUSE PRICES

Douglas B. Diamond

Contemporary Economic Policy, 1984, vol. 2, issue 6, 5-16

Abstract: It is often stated that real house prices respond to inflation in ways similar to assets infixed supply, such as gold or antiques. This paper proposes that, instead, house prices are determined primarily by the cost of producing new houses. Thus, inflation affects price mainly through input markets and through expansion in housing starts. This proposition is supported in an examination of annual changes in house prices between 1965 and 1982 in 12 sub regions of the United States

Date: 1984
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