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Home Price Sensitivity to Capital Market Factors: Analysis of Zip Code Data

Author

Listed:
  • Christopher W. Anderson

    (University of Kansas)

  • Eli Beracha

    (East Carolina University)

Abstract

To what extent do capital market factors affect home prices? This paper examines quarterly changes in median sales prices for homes across more than 3,000 U.S. ZIP Codes in 203 metropolitan areas from 2001 to 2006 to investigate home price sensitivity to returns on U.S. stocks and bonds. The findings reveal that home-price changes are positively related to returns on stocks and bonds, on average. They also show that home prices in higher priced ZIP Codes have greater exposure to capital market risk factors, consistent with higher levels of wealth and capital market participation, on average, among owners of higher priced homes.

Suggested Citation

  • Christopher W. Anderson & Eli Beracha, 2010. "Home Price Sensitivity to Capital Market Factors: Analysis of Zip Code Data," Journal of Real Estate Research, American Real Estate Society, vol. 32(2), pages 161-186.
    • Handle: RePEc:jre:issued:v:32:n:2:2010:p:161-186
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    File URL: http://pages.jh.edu/jrer/papers/pdf/past/vol32n02/02.161_186.pdf
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    Citations

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    Cited by:

    1. Kimberly R. Goodwin & Ken H. Johnson, 2017. "The Short Sale Stigma," The Journal of Real Estate Finance and Economics, Springer, vol. 55(4), pages 416-434, November.
    2. Christopher Anderson & Eli Beracha, 2012. "Frothy Housing Markets and Local Stock-Price Movements," The Journal of Real Estate Finance and Economics, Springer, vol. 45(2), pages 326-346, August.

    More about this item

    JEL classification:

    • L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

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