The Spatial Diffusion of Regional Housing Prices across U.S. States

Ryan Brady ()

Departmental Working Papers from United States Naval Academy Department of Economics

Abstract: In this paper I estimate the spatial diffusion of housing prices across U.S. states over a period from 1975 to 2011, showing how long and to what magnitude state-level housing prices are affected by a price shock emanating from surrounding states. I capture the spatial diffusion of regional housing prices with impulse response functions estimated directly from a single equation spatial autoregressive model. In addition, I compare and contrast spatial impulse response estimates across sub-regions and then over sub-periods. Results show that for the 1975 to 2011 period spatial diffusion of housing prices is statistically significant and persistent across states. Moreover, sub-region estimation shows the spatial diffusion is persistent in the four Census regions for the United States. Sub-period estimation, too, suggests the magnitude and persistence of spatial diffusion may be more pronounced after 1999 than before.

Pages: 57 pages
Date: 2013-06
New Economics Papers: this item is included in nep-geo and nep-ure
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Citations: View citations in EconPapers (13)

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Related works:
Journal Article: The spatial diffusion of regional housing prices across U.S. states (2014)
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Persistent link: https://EconPapers.repec.org/RePEc:usn:usnawp:45

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