Change in the Distribution of House Prices across Spanish Cities

Catia Nicodemo and Josep M. Raya ()
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Josep M. Raya: Universitat Pompeu Fabra

No 6503, IZA Discussion Papers from Institute of Labor Economics (IZA)

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 market; quantile regression; housing price distribution; counterfactual distribution (search for similar items in EconPapers)
JEL-codes: C1 R21 R31 (search for similar items in EconPapers)
Pages: 32 pages
Date: 2012-04
New Economics Papers: this item is included in nep-bec and nep-ure
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (26)

Published - published in: Regional Science and Urban Economics, 2012, 42 (4), 739–748

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Journal Article: Change in the distribution of house prices across Spanish cities (2012)
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