We examine the determinants and consequences of price clustering. Real estate list and transaction prices exhibit two price-ending characteristics: even (000-ending) and just-below-even (900-ending). The use of even-ending prices is negatively related to the precision of the price estimates and...

Hedonic estimation techniques have been applied to real estate markets for more than twenty years, but the literature is dominated by analyses of the single-family residential market. This paper focuses upon hedonic analysis as applied to commercial real estate when information is known about...

The literature on home value diminution attributable to environmental degradation and its possible reversal typically ignores indirect effects upon neighborhood characteristics that can exacerbate the overall change in property values, resulting in underestimates of diminution and overestimates...

Real estate cycles often generate sharp swings in real housing prices, price changes that cannot be adequately described by a single statistic such as median home values. Instead, the entire structure of prices across all quality levels must be examined. This paper analyzes the price impact of...