Li, Yuming; Liu, Laura Yue - In: International Real Estate Review 17 (2014) 3, pp. 394-413
price appreciation to be statistically significant and similar to that of labor income growth. We also find a significant … wealth effect on some of the city-level house price appreciations. For the cities where both wealth and income effects are … effect on the house price appreciation, change in financial wealth, and in particular, the stock market, leads house price …