Housing price variability: national and local impacts

$53.17 plus tax (Refund Policy)

Buy Article:


This article examines the influence of national and local forces on housing prices in 20 local US real estate markets during the recent housing price run-up and decline. We use reduced-form panel data fixed-effects models with robust SEs to determine the impact of national and local effects on housing prices in 20 US cities across time. A national home price index and mortgage rate are used to measure national impacts on the local markets. A mix of socio-economic variables estimates local impacts. We find no results indicating that national trends lack relevance in local markets; however, we find wide support for the additional inclusion of local socio-economic factors in all markets. The findings are consistent with an environment in which national polices and trends influence all markets; however local policymakers and investors can continue to expect geographic differences in market outcomes.

Keywords: R21; R31; housing markets; housing markets US; housing price index; local housing prices

Document Type: Research Article

DOI: http://dx.doi.org/10.1080/00036846.2014.929628

Affiliations: 1: College of Public Affairs, University of Baltimore, Baltimore, MD, 21201, USA 2: Merrick School of Business, University of Baltimore, Baltimore, MD, 21201, USA

Publication date: October 2, 2014

More about this publication?
Related content

Share Content

Access Key

Free Content
Free content
New Content
New content
Open Access Content
Open access content
Subscribed Content
Subscribed content
Free Trial Content
Free trial content
Cookie Policy
Cookie Policy
ingentaconnect website makes use of cookies so as to keep track of data that you have filled in. I am Happy with this Find out more