Identifying local housing markets through revealed preference

IF 2.1 Q2 URBAN STUDIES

Journal of Property Research Pub Date : 2020-01-28 DOI:10.1080/09599916.2020.1714698

M. Beenstock, Daniel Feldman, D. Felsenstein

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引用次数: 1

Abstract

ABSTRACT A new empirical approach to identify local housing markets (LHM’s) is proposed, which focuses on the spatial correlation between local house price indices constructed from repeat sales data. It extends the work of Pryce who claimed that if housing in different locations are perfect substitutes, their house price indices should be perfectly correlated over time. Pryce’s work represents a paradigmatic change in identifying local housing markets using revealed preferences rather than hedonic pricing. It requires spatial panel data for house prices which we construct using repeated sales data to generate house price indices for Tel Aviv (1998–2014) for over 100 census tracts. These price indices are used to define LHMs. The number of LHMs varies inversely with the degree to which house prices in locations belonging to the same LHM, are expected to be correlated. It also varies directly with the order of contiguity of these locations. Results point to considerable spatial heterogeneity in house price movement. This belies the popular impression that the Tel Aviv housing market is relatively homogeneous, characterised by expensive housing and uniform house price movements.

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通过揭示的偏好识别当地住房市场

摘要提出了一种新的识别本地住房市场的实证方法，该方法侧重于根据重复销售数据构建的本地房价指数之间的空间相关性。它扩展了Pryce的工作，他声称，如果不同地区的住房是完美的替代品，那么随着时间的推移，他们的房价指数应该完全相关。Pryce的工作代表了一个典型的变化，即使用揭示的偏好而不是享乐定价来识别当地住房市场。它需要房价的空间面板数据，我们使用重复的销售数据来构建特拉维夫（1998-2004）100多个人口普查区的房价指数。这些价格指数用于定义LHM。LHM的数量与属于同一LHM的地区的房价的相关性成反比。它也直接随着这些位置的相邻顺序而变化。研究结果表明，房价变动具有相当大的空间异质性。这掩盖了特拉维夫住房市场相对同质的普遍印象，其特点是昂贵的住房和统一的房价走势。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Property Research URBAN STUDIES-

CiteScore

3.80

自引率

5.30%

发文量

期刊介绍： The Journal of Property Research is an international journal. The title reflects the expansion of research, particularly applied research, into property investment and development. The Journal of Property Research publishes papers in any area of real estate investment and development. These may be theoretical, empirical, case studies or critical literature surveys.