Local House Price Comovements
Roland Füss () and
No 1906, Working Papers on Finance from University of St. Gallen, School of Finance
We study the micro-level evolution of residential house prices using data on repeat sales on Manhattan Island from 2004 to 2015. We document that excess price comovement is a highly local and persistent phenomenon. The strength of such excess comovements vanishes with both spatial and temporal distance. Local underperformance is more persistent than local overperformance - particularly when house prices on aggregate level increase.
Keywords: Housing market; price comovements; urban economics; realt estate; repeat sales (search for similar items in EconPapers)
JEL-codes: R30 R32 (search for similar items in EconPapers)
Pages: 43 pages
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Journal Article: Local house price comovements (2021)
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Persistent link: https://EconPapers.repec.org/RePEc:usg:sfwpfi:2019:06
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