Herding and reverse herding in US housing markets: new evidence from a metropolitan-level analysis

Matthew Pollock, Masaki Mori and Yi Wu

Regional Studies, 2024, vol. 58, issue 11, 2099-2114

Abstract: This study is the first to examine herding and reverse herding in US metropolitan housing markets based on Zillow ZIP-level house price indices. Reverse herding is found to be more prevalent than herding, which differs markedly from equity markets and outcomes derived from less granular house price indices. The results suggest that the interaction between price appreciation and overconfidence may drive reverse herding. Also, herding and reverse herding show strong dependency on market conditions. Wide spatial and temporal variation in herding and reverse herding suggests the importance of local characteristics as determinants of the rationality of market responses.

Date: 2024
References: Add references at CitEc
Citations:

Downloads: (external link)
http://hdl.handle.net/10.1080/00343404.2024.2325613 (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:taf:regstd:v:58:y:2024:i:11:p:2099-2114

Ordering information: This journal article can be ordered from
http://www.tandfonline.com/pricing/journal/CRES20

DOI: 10.1080/00343404.2024.2325613

Access Statistics for this article

Regional Studies is currently edited by Ivan Turok

More articles in Regional Studies from Taylor & Francis Journals
Bibliographic data for series maintained by Chris Longhurst ().