House Price Changes and Idiosyncratic Risk: The Impact of Property Characteristics
Steven Bourassa (),
Donald Haurin (),
Jessica Haurin (),
Martin Hoesli and
Jian Sun ()
Additional contact information
Jessica Haurin: Center for Real Estate, Massachusetts Institute of Technology
Jian Sun: School of Urban and Public Affairs, University of Louisville
No 07-03, Working Papers from Ohio State University, Department of Economics
While the average change in house prices is related to changes in fundamentals or perhaps market-wide bubbles, not all houses in a market appreciate at the same rate. The primary focus of our study is to investigate the reasons for these variations in price changes among houses within a market. We draw on two theories for guidance, one related to the optimal search strategy for sellers of atypical dwellings and the other focusing on the bargaining process between a seller and potential buyers. We hypothesize that houses will appreciate at different rates depending on the characteristics of the property and the change in the strength of the housing market. These hypotheses are supported using data from three New Zealand housing markets.
Keywords: Atypicality; Bargaining; Housing Risk; House Price Appreciation; Search Models (search for similar items in EconPapers)
JEL-codes: R31 R21 D83 (search for similar items in EconPapers)
Pages: 33 pages
New Economics Papers: this item is included in nep-ure
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Journal Article: House Price Changes and Idiosyncratic Risk: The Impact of Property Characteristics (2009)
Working Paper: House Price Changes and Idiosyncratic Risk: The Impact of Property Characteristics (2005)
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