The Dynamics of Housing Prices

Sheridan Titman, Ko Wang and Jing Yang

No 20418, NBER Working Papers from National Bureau of Economic Research, Inc

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: R21 R31 (search for similar items in EconPapers)
Date: 2014-08
New Economics Papers: this item is included in nep-ure
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Citations: View citations in EconPapers (13)

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

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