The Dynamics of Metropolitan Housing Prices

Topics:
Market Studies
Tags:
Appreciation,
Finance,
Investment
Source:
California State University, Fullerton - College of Business and Economics

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Overview: This study examines the dynamics of real housing price appreciation in 130 metropolitan areas across the United States. The study finds that real housing price appreciation is strongly influenced by the growth of population and real changes in income, construction costs and interest rates. The study also finds that stock market appreciation imparts a strong current and lagged wealth effect on housing prices. Housing appreciation rates also are found to vary across areas because of location specific fixed-effects; these fixed effects represent the residuals of housing price appreciation attributable to location. The magnitudes of the fixed-effects in particular cities are positively correlated with restrictive growth management policies and limitations on land availability.

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Format: PDF | Size: 84KB | Date: Jan 2002 | Pages: 18

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