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An Empirical Examination of the Stability of Housing Price Equations Over Time

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  • Jonathan H. Mark

Abstract

This study investigates the extent to which the coefficients of housing price equations are stable over time. Using annual data from 1959 to 1979 for a large neighbourhood in Vancouver, British Columbia, a series of twenty‐four housing price equations is estimated. The estimated coefficients exhibit substantial instability over the period. Further, prediction errors are generally minimized for a given year when the coefficients estimated for that year are used to predict. The results strongly suggest that such equations should be recalibrated each year.

Suggested Citation

  • Jonathan H. Mark, 1983. "An Empirical Examination of the Stability of Housing Price Equations Over Time," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 11(3), pages 397-415, September.
    • Handle: RePEc:bla:reesec:v:11:y:1983:i:3:p:397-415
    DOI: 10.1111/1540-6229.00298
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    Cited by:

    1. Kenneth Wieand & Jeff Donaldson & Socorro Quintero, 1998. "Are Real Assets Priced Internationally? Evidence from the Art Market," Multinational Finance Journal, Multinational Finance Journal, vol. 2(3), pages 167-187, September.
    2. Han Bin Kang & Alan K. Reichert, 1987. "An Evaluation of Alternative Estimation Techniques and Functional Forms in Developing Statistical Appraisal Models," Journal of Real Estate Research, American Real Estate Society, vol. 2(1), pages 1-29.
    3. R. Sirpal, 1994. "Empirical Modeling of the Relative Impacts of Various Sizes of Shopping Centers on the Values of Surrounding Residential Properties," Journal of Real Estate Research, American Real Estate Society, vol. 9(4), pages 487-506.
    4. George H. Lentz & Ko Wang, 1998. "Residential Appraisal and the Lending Process: A Survey of Issues," Journal of Real Estate Research, American Real Estate Society, vol. 15(1), pages 11-40.

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