Local House Price Dynamics: New Indices and Stylized FactsAlexander Bogin, William Doerner and William Larson No 16-01, FHFA Staff Working Papers from Federal Housing Finance Agency Abstract: We construct the first large-scale panel of annual house price indices for cities, counties, 3-digit ZIP codes, and 5-digit ZIP codes in the United States from 1975 through 2015 using source data with nearly 100 million transactions. Appreciation rates decrease with distance from the central business district (CBD) in large cities, suggesting an overall increase in the desirability of housing units in CBD locations and a general steepening of the house price gradient. Real house prices are more likely to be non-stationary near the CBD than in the suburbs, a finding consistent with a higher elasticity of housing supply near the edge of the city. Sustained real price increases and high price volatility near the centers of large cities suggest a lower supply elasticity in these locations. Keywords: aggregation bias; house prices; standard urban model; land leverage; transportation costs (search for similar items in EconPapers) Published in Real Estate Economics, 2019, volume 47, number 2, pages 365-398 Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:hfa:wpaper:16-01 Access Statistics for this paper More papers in FHFA Staff Working Papers from Federal Housing Finance Agency Contact information at EDIRC. |
Is your work missing from RePEc? Here is how to contribute.
Questions or problems? Check the EconPapers FAQ or send mail to .
EconPapers is hosted by the
School of Business at Örebro University.