Local house price comovements

Marcel Fischer, Roland Füss () and Simon Stehle

Real Estate Economics, 2021, vol. 49, issue S1, 169-198

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

Date: 2021
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https://doi.org/10.1111/1540-6229.12331

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