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Housing Market Cycles in Large Urban Areas

Alessandra Canepa () and Huthaifa Alqaralleh ()
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Huthaifa Alqaralleh: University of Turin, http://www.est.unito.it/

Department of Economics and Statistics Cognetti de Martiis. Working Papers from University of Turin

Abstract: This paper examines the asymmetric behaviour of house prices in large metropolitan areas. Using a sample of large cities, in several countries, it is shown that real estate prices cycles are largely nonlinear. It is found that dynamic asymmetries in the housing market cycle can well be modelled using a logistic smooth transition model (LSTAR). Further, it is shown that the LSTAR model has better forecasting properties with respect to a linear autoregressive model.

Date: 2019-01
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Persistent link: https://EconPapers.repec.org/RePEc:uto:dipeco:201903

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