A1 Vertaisarvioitu alkuperäisartikkeli tieteellisessä lehdessä

U.S. metropolitan house price dynamics




TekijätElias Oikarinen, Steven C Bourassa, Martin Hoesli, Janne Engblom

KustantajaElsevier

Julkaisuvuosi2018

JournalJournal of Urban Economics

Vuosikerta105

Aloitussivu54

Lopetussivu69

Sivujen määrä16

ISSN0094-1190

eISSN1095-9068

DOIhttps://doi.org/10.1016/j.jue.2018.03.001

Verkko-osoitehttps://doi.org/10.1016/j.jue.2018.03.001

Rinnakkaistallenteen osoitehttps://research.utu.fi/converis/portal/detail/Publication/30403053


Tiivistelmä

Using data for 70 U.S. metropolitan areas, this study explores spatial heterogeneity in house price dynamics. We use recent advances in panel econometrics that allow for spatial heterogeneity, cross-sectional dependence, and non-stationary but cointegrated data. We test for spatial differences and analyze the relationship between the price elasticity of housing supply and the income elasticity of prices, as well as bubble size and duration. The long-term elasticity of house prices with respect to aggregate personal income averages 0.81, but varies considerably across metropolitan areas. The long-term income elasticity generally is greater in the more supply-inelastic metropolitan areas, and we show that bubble size and duration are inversely related to supply elasticity. Also short-term momentum and reversion dynamics show substantial spatial heterogeneity.


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