An Empirical Examination of the Stability of Housing Price Equations Over Time

Jonathan H. Mark

Real Estate Economics, 1983, vol. 11, issue 3, 397-415

Abstract: This study investigates the extent to which the coefficients of housing price equations are stable over time. Using annual data from 1959 to 1979 for a large neighbourhood in Vancouver, British Columbia, a series of twenty‐four housing price equations is estimated. The estimated coefficients exhibit substantial instability over the period. Further, prediction errors are generally minimized for a given year when the coefficients estimated for that year are used to predict. The results strongly suggest that such equations should be recalibrated each year.

Date: 1983
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