This research examines the relationship between hedonically controlled housing price levels and subsequent changes in those prices across locations within MSAs. Our hedonic controls are extensive and so we ask whether between observationally equivalent houses those with higher prices have...

MSA-level estimates of a housing supply schedule must offer a solution to the twin problems of simultaneity and stationarity that plague the time series data for local housing prices and stock. An Error Correction Model (ECM) is shown to provide a solution to stationarity, but not simultaneity....