Local House Price Comovements
43 Pages Posted: 13 Jun 2019
Date Written: May 29, 2019
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, real estate, repeat sales
JEL Classification: R30, R32
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