This working paper is one in a series of OECD Working Papers on Regional Development of the OECD Public Governance and Territorial Development Directorate, conducted under the responsibility of Joaquim Oliveira Martins, Head of the OECD Regional Competitiveness and Governance Division...

We provide a new method for estimating hedonic functions in a metropolitan housing market for both rental rates and real estate asset prices. First, our method treats housing quality as unobserved by the econometrician. Second, it deals with the problem that implicit rental rates for...

This paper analyses the convergence of US house prices. Our results confirm the existence of some degree of segmentation in the US housing market. We also provide robust evidence that the bursting of the housing price bubble has altered this market, observing different results when the sample...

In this report, we are concerned with the impact of the current system of residential stamp duty. Not only does stamp duty have an effect on the housing market, but it also discriminates between both different parts of the country and different household types. Because of the inefficiencies and...

This study evaluates the degree of convergence among the housing markets of 10 major economies across North America, Europe and Asia. Long-run results indicate that the housing markets have become increasingly interdependent over time and more so after the onset of the most recent housing...

This paper describes the production of a panel of price indices for housing services, other produced goods and services, and all produced goods and services for each metropolitan area in the United States and the non-metropolitan part of each state for each year from 1982 through 2012. Our...

When an household needs to change its home, two transactions have to be done: buy a new house and sell the preceding one. To do so, the household can either adopt a sequential search strategy or a simultaneous search strategy. In sequential strategies, it first buys (or sells) and only after...

This paper explores preferences and choices in the real estate market from a personality perspective. First, we employ micro-level data on individual scores on the Big Five personality test and personal financial real estate preferences to evaluate the role of personality in individual real...

While in standard housing economics housing is regarded as an asset and a consumption good, we study in this paper the consequences for housing prices if housing is also a status good. More concretely, if a family's housing wealth relative to others is an important marker for relative status in...

This paper analyzes how the dynamics of house prices are affected by the option to rebuild or enlarge existing dwellings. The nonlinear functional form for option value and zoning limits provides identification of changes in option value over the cycle. For homes with high development potential,...