ECONOMIC FUNDAMENTALS IN LOCAL HOUSING MARKETS: EVIDENCE FROM U.S. METROPOLITAN REGIONS

摘要: This paper investigates the effects of national and regional economic conditions on outcomes in single-family housing market: prices, vacancies, residential construction activity. Our three-equation model confirms importance changes conditions, income, employment local markets. The results also provide first detailed evidence vacancies owner-occupied market prices supplier activities. document variations materials, labor capital costs, regulation affecting new supply. Simulation exercises, using standard impulse response models, lags responses to exogenous shocks arising from differences parameters. suggest pattern income shocks.