Economic fundamentals in local housing markets: Evidence from U.S. metropolitan regions

Journal of Regional Science

Volumn 46, Issue 3, 2006, Pages 425-453

  Hwang, Min ^a   Quigley, John M ^b  

^a NATIONAL UNIVERSITY OF SINGAPORE   (Singapore)

^b UNIVERSITY OF CALIFORNIA   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

ECONOMIC CONDITIONS; EMPLOYMENT; HOUSING MARKET; INCOME; PRICE DYNAMICS; REGIONAL ECONOMY;

NORTH AMERICA; UNITED STATES;

EID: 33746319444     PISSN: 00224146     EISSN: 14679787     Source Type: Journal    
DOI: 10.1111/j.1467-9787.2006.00480.x     Document Type: Article

References (38)

1. Arnott, Richard. 1989. "Housing Vacancies, Thin Markets, and Idiosyncratic Tastes," Journal of Real Estate Finance and Economics, 2, 5-30.
2. Baltagi, Badi. 1981. "Simultaneous Equations with Error Components," Journal of Econometrics, 17, 189-200.
3. Campbell, John, Andrew Lo, and Craig MacKinlay. 1996. The Econometrics of Financial Markets. Princeton: Princeton University Press.
4. Clapham, Eric, Peter Englund, John M. Quigley, and Christian Redfearn. 2005. "Revisiting the Past and Settling the Score: House Price Measurement for Derivative Contracts," Working Paper 05-002, Berkeley Program on Housing and Urban Policy.
5. Cochrane, John. 1991. "Volatility Tests and Efficient Markets," Journal of Monetary Economics, 27, 463-485.
6. DiPasquale, Denise. 1999. "Why Don't We Know More About Housing Supply?" Journal of Real Estate Finance and Economics, 18, 9-23.
7. DiPasquale, Denise, and William Wheaton. 1994. "Housing Market Dynamics and the Future of Housing Prices," Journal of Urban Economics, 35, 1-27.
8. Dougherty, Ann, and Robert Van Order. 1982. "Inflation, Housing Costs and the Consumer Price Index," American Economic Review, 72, 154-164.
9. Drieman, Michelle, and Robert Follain. 2003. "Drawing Inferences about Housing Supply Elasticity from House Price Responses to Income Shocks," OFHEO Working Paper 03-02.
10. Eubank, Arthur, and C. F. Sirmans. 1979. "The Price Adjustment Mechanism for Rental Housing in the United States," Quarterly Journal of Economics, 93, 163-183.
11. Evenson, Bengte. 2001. "Understanding House Price Volatility: Measuring and Explaining the Supply Side of Metropolitan Area Housing Markets," MIT Working Paper.
12. Follain, James, and Orawin Velz. 1995. "Incorporating the Number of Existing Home Sales into a Structural Model of the Market for Owner-Occupied Housing," Journal of Housing Economics, 4, 93-117.
13. Gabriel, Stuart, and Frank Nothaft. 1988. "Rental Housing Markets and the Natural Vacancy Rate," AREUEA Journal, 16, 419-429.
14. Gabriel, Stuart, and Frank Nothaft. 2001. "Rental Housing Markets, The Incidence and Duration of Vacancy, and the Natural Vacancy Rate," Journal of Urban Economics, 49, 121-149.
15. Glaeser, Edward L., Joseph Gyourko, and Raven Saks. 2003. "Why is Manhattan So Expensive? Regulation and the Rise in House Prices," NBER Working Paper 10124.
16. Hendershott, Patric H., Bryan MacGregor, and Raymond Tse. 2000. "Estimating the Rental Adjustment Process," University of Aberdeen Working Paper.
17. Hsiao, Cheng. 1986. Analysis of Panel Data. Econometric Society Monograph No. 11, New York: Cambridge University Press.
18. Hwang, Min, John M. Quigley, and Jae Young Son. 2005. "The Dividend Pricing Model: New Evidence from the Korean Housing Market," Journal of Real Estate Finance and Economics, 32, 205-228.
19. Igarashi, Masahiro. 1992. "The Rent-Vacancy Relationship in the Rental Housing Market," Journal of Housing Economics, 1, 251-270.
20. Kearl, James R. 1979. "Inflation, Mortgage, and Housing," The Journal of Political Economy, 87, 1115-1138.
21. Malpezzi, Stephen. 1996. "Housing Prices, Externalities, and Regulation in the U.S. Metropolitan Areas," Journal of Housing Research, 7, 209-241.
22. Malpezzi, Stephen, Gregory Chun, and Richard Green. 1998. "New Place-to-Place Housing Price Indexes for U.S. Metropolitan Areas and Their Determinants," Real Estate Economics, 26, 235-274.
23. Mankiw, N. Gregory, and David N. Weil. 1989. "The Baby Boom, the Baby Bust, and the Housing Market," Regional Science and Urban Economics, 19, 235-258.
24. Mayer, Christopher, and Tsur Somervile. 2000. "Land Use Regulation and New Construction," Regional Science and Urban Economics, 30, 639-662.
25. Muth, Richard. 1960. "The Demand for Non-Farm Housing," in Arnold C. Haberger, Muth Richard, M. L. Burstein, and Gregory C. Chow (eds.), The Demand for Durable Goods. Chicago, IL: University of Chicago Press, pp. 26-96.
26. Muth, Richard. 1968. Cities and Housing. Chicago, IL: University of Chicago Press.
27. Poterba, James M. 1984. "Tax Subsidies to Owner Occupied Housing: An Asset Market Approach," Quarterly Journal of Economics, 94, 729-752.
28. Poterba, James M. 1991. "House Price Dynamics: The Role of Tax Policy and Demography," Brookings Papers on Economic Activity, 2, 143-183.
29. Quigley, John M., and Larry Rosenthal. 2005. "The Effects of Land Use Regulation on the Price of Housing: What do We Know? What Can We Learn," Cityscape, 8, 69-138.
30. Read, Colin. 1993. "Tenants' Search and Vacancies in Rental Housing Markets," Regional Science and Urban Economics, 23, 171-183.
31. Read, Colin. 1997. "Vacancies and Rent Dispersion in a Stochastic Search Model with Generalized Tenant Demand," Journal of Real Estate Finance and Economics, 15, 223-237.
32. Reid, Margaret. 1962. Housing and Income. Chicago, IL: University of Chicago Press.
33. Rosen, Kenneth T., and Lawrence B. Smith. 1983. "The Price Adjustment Process and the Natural Vacancy Rate," American Economic Review, 73, 779-786.
34. Rosenthal, Stuart. 1999. "Housing Supply: The Other Half of the Market. A Note from the Editor," Journal of Real Estate Finance and Economics, 18, 5-7.
35. Shiller, Robert J. 1981. "Do Stock Prices Move Too Much to be Justified by Subsequent Dividends?" American Economic Review, 71, 421-436.
36. Topel, Robert, and Sherwin Rosen. 1988. "Housing Investment in the United States," Journal of Political Economy, 96, 718-740.
37. U.S. Department of Housing and Urban Development. 1995. "Fair Market Rents for the Section 8 Housing Assistance Payments Program," Processed.
38. Wheaton, William C. 1990. "Vacancy, Search, and Prices in a Housing Market Matching Model," Journal of Political Economy, 98, 1270-1292.