Change in the Distribution of House Prices Across Spanish Cities

32 Pages Posted: 28 Apr 2012

See all articles by Catia Nicodemo

Catia Nicodemo

University of Oxford - Centre for Health Service Economics and Organisation; University of Oxford - Department of Economics

Josep Raya

Universitat Pompeu Fabra

Abstract

This paper presents the quantile estimation of house price between two years, 2004 and 2007 (a boom house price period) in several Spanish cities. We decompose the change in house price distribution into portions: changes in the distributions of the explanatory variables and changes in coefficients over time. Our main results are three. Firstly, from 2004 to 2007, the difference in housing price in Spain is larger at lower and higher percentiles. Secondly, the most important part of the difference in the distribution of housing prices between 2004 and 2007 is explained by coefficients (with all the variables contributing similarly). Thirdly, among cities, we can find a lot of variation in change of house price distribution. With respect to Spain's cities pattern, Madrid, Valencia and Bilbao, are the cities which big difference among them.

Keywords: housing price distribution, housing market, quantile regression, counterfactual distribution

JEL Classification: C1, R21, R31

Suggested Citation

Nicodemo, Catia and Raya, Josep, Change in the Distribution of House Prices Across Spanish Cities. Available at SSRN: https://ssrn.com/abstract=2047289 or http://dx.doi.org/10.2139/ssrn.2047289

Catia Nicodemo (Contact Author)

University of Oxford - Centre for Health Service Economics and Organisation ( email )

Oxford
United Kingdom

University of Oxford - Department of Economics ( email )

10 Manor Rd
Oxford, OX1 3UQ
United Kingdom

Josep Raya

Universitat Pompeu Fabra ( email )

Ramon Trias Fargas, 25-27
Barcelona, E-08005
Spain

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