This paper analyzes the pattern of house price appreciation in the Boston area from 1982 to 1994. The empirical results are consistent with the predictions of a standard urban model in which towns have a fixed set of amenities. The evidence suggests that changes in the cross-sectional pattern of...

Housing supply plays an important role in the volatility of macroeconomic cycles and the speed with which house prices respond to changes in demand, yet it is understudied in the current literature. In this paper we present and estimate a new model of the supply of residential construction that...

The construction of new housing plays a critical role in the economy, yet it is understudied by researchers. Increases in housing starts raise construction employment, and recent home buyers often purchase other consumer durables, leading through the multiplier effect to increased employment....

This paper examines the effects of intergenerational transfers on saving behavior by examining private wealth transfers targeted toward first-time home purchases. The study of transfer behavior in the housing market is advantageous for a number of reasons: the down payment requirement associated...

Changes in house prices are generally reported on an aggregate basis. This article suggests that within a metropolitan area, high-value and low-value homes appreciate at different rates. Overall, the author’s results indicate that appreciation rates are more volatile for high-priced homes than...

The U.S. housing market has had an extraordinary 15-year run in terms of prices, sales of existing homes, and new construction, especially on the East and West Coasts. Beginning in the spring of 2006, however, the housing market began to turn distinctly downward. We know that 2005 was a good...