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U.S. metropolitan house price dynamics
Oikarinen, Elias; Bourassa, Steven C.; Hoesli, Martin; … - 2017
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...
Persistent link: https://www.econbiz.de/10011875693
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Constant-quality house price indexes for Switzerland
Bourassa, Steven C.; Hoesli, Martin; Scognamiglio, Donato; … - 2008
The measurement of house price movements is a vital topic from both academic and practical perspectives and hence has been the focus of much research. There is almost unanimous consensus in the literature that house price indexes should control for the quality of properties; the most widely used...
Persistent link: https://www.econbiz.de/10003961368
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Robust hedonic price indexes
Bourassa, Steven C.; Cantoni, Eva; Hoesli, Martin - 2013
Purpose ‒ The aim of this paper is to demonstrate the application of robust techniques to the estimation of hedonic house price indexes.Design/methodology/approach ‒ We use simulation analysis to compare an index estimated using ordinary least squares (OLS) with several indexes estimated...
Persistent link: https://www.econbiz.de/10010256954
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Predicting house prices with spatial dependence : impacts of alternative submarket definitions
Bourassa, Steven C.; Cantoni, Eva; Hoesli, Martin - 2008
We analyze the impacts of alternative submarket definitions when predicting house prices in a mass appraisal context, using both ordinary least squares (OLS) and geostatistical techniques. For this purpose, we use over 13,000 housing transactions for Louisville, Kentucky. We use districts...
Persistent link: https://www.econbiz.de/10003961363
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Comparing ask and transaction prices in the Swiss housing market
Ahmed, Ahmed; Ardila, Diego; Sanadgol, Dorsa; Sornette, … - 2016
We analyze the relationship between ask and transaction prices in the Swiss residential real estate market over the 2005-2015 period. First, we present strong evidence that ask and transaction prices are co-integrated across different market segments, but they do not Granger-cause one another....
Persistent link: https://www.econbiz.de/10011626361
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Anticipating critical transitions of Chinese housing markets
Zhang, Qunzi; Sornette, Didier; Zhang, Hao - 2017
We introduce a novel quantitative methodology to detect real estate bubbles and forecast their critical end time, which … calibration with respect to bootstrapped residuals. We make three main contributions to the literature of real estate bubbles … critical times of historical housing price bubbles in the U.S., Hong Kong, U.K. and Canada. Second, the LPPLS detection methods …
Persistent link: https://www.econbiz.de/10011761282
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Capital scarcity and industrial decline : evidence from 172 real estate booms in China
Hau, Harald; Ouyang, Difei - 2018
In geographically segmented credit markets, local real estate booms can deteriorate the funding conditions for small manufacturing firms and undermine their growth and competitiveness. Based on exogenous variations in the administrative land supply across 202 Chinese cities, we show that real...
Persistent link: https://www.econbiz.de/10011899931
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High frequency house price indexes with scarce data
Bourassa, Steven C.; Hoesli, Martin - 2016
We show how a method that has been applied to commercial real estate markets can be used to produce high frequency house price indexes for a city and for submarkets within a city. Our application of this method involves estimating a set of annual robust repeat sales regressions staggered by...
Persistent link: https://www.econbiz.de/10011514239
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An investigation of the synchronization in global house prices
Hoesli, Martin - 2020
We review the main studies on house price synchronization and conduct an empirical analysis using OECD house price indices. We provide a discussion of the contributing factors of synchronization, with a focus on the demand and supply dimensions. Synchronization across both countries and cities...
Persistent link: https://www.econbiz.de/10012181108
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Robust repeat sales indexes
Bourassa, Steven C.; Cantoni, Eva; Hoesli, Martin - 2011
Using single-family sales data for Louisville, Kentucky, we show the benefits of applying robust methods to down-weight problematic transactions in a repeat sales context. Robust estimators reduce the influence of outliers in repeat sales price changes that are due to data entry errors, quality...
Persistent link: https://www.econbiz.de/10009375150