This paper examines whether effects of labor demand shocks on housing prices vary across time and space. Using data on 321 US metropolitan statistical areas, we estimate the medium- and long-run effects of increases in metropolitan statistical area-level employment and total labor income on...

This paper examines the causal impact of internal migration on house price changes in Queensland - Australia's new capital of interstate migration. We study annual housing price growth across 82 Statistical Areas Level 3 (SA3) regions between 2014 and 2019 by employing a spatial correlation...

Round numbers affect behavior in various domains, e.g., as prominent thresholds or focal points in bargaining. In line with earlier findings, residential real estate transactions in Germany cluster at round-number prices, but there are also interesting (presumably cultural) differences. We...

This paper aims to estimate a long-term equilibrium price level for the Hungarian housing market by identifying key underlying macroeconomic factors. For this, in line with the empirical literature, a vector error correction model is employed. The housing market price level is mapped by the...

Loss aversion is a core concept in prospect theory that refers to people's asymmetric attitudes with respect to gains and losses. More specifically, losses loom larger than gains. With the capability of loss aversion to explain economic phenomena, some of which are puzzling under expected...

Understanding the impact of housing supply on housing price inflation is a particularly important issue from a policy-maker's perspective. Notwithstanding the impact of the great financial crisis (GFC) in 2007/08, the past 25 years has seen a significant increase in housing prices across a...

This paper provides an analysis of the convergence pattern of German housing prices and rents employing a new dataset that covers all the country's administrative districts. In addition to conventional tests for 𝛽-convergence and 𝜎-convergence, we apply Phillips and Sul's (2007) approach...

Round numbers affect behavior in various domains, e.g., as prominent thresholds or focal points in bargaining. In line with earlier findings, residential real estate transactions in Germany cluster at round-number prices, but there are also interesting (presumably cultural) differences. We...

Using hedonic pricing models, this paper analyzes the impact of places of worship on the prices of adjacent condominiums in Hamburg, Germany. This is the first study on this subject to have been conducted outside the United States. It is also the first work to examine the externalities of places...

Households face a tradeoff between housing costs and commuting costs. Using a database that connects residence and workplace neighborhoods in eight larger metropolitan areas, we model the difference in housing costs as a function of estimated commuting distance. Based on the linear distance...