pairwise, relative and σ-convergence. We show that there is evidence of pairwise price convergence and that some key … of price-growth convergence, while price-level convergence is not supported by the data. Lastly, we assess the the short …-run implications of price convergence focusing on the speed of reversion to equilibrium after a system-wide shocks hits the …

explicitly models the relationship between changes in house prices and various measures of housing supply. The results show that … months supply of new homes places greater downward pressure on house prices that the months supply of existing homes. We …