Using data for 70 U.S. metropolitan areas, this study explores spatial heterogeneity in house price dynamics. We use recent advances in panel econometrics that allow for spatial heterogeneity, cross-sectional dependence, and non-stationary but cointegrated data. We test for spatial differences...

The real estate prices in urban China have been soaring sharply since the commercialization reform of the housing market in 1998, but have suffered from downward pressure recently. In addition to the peculiarities of the state-owned land system, newly built houses dominate market across the vast...