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Real Estate Futures Prices as Predictors of Price Trends

Author

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  • Andrew Leventis

    (Office of Federal Housing Enterprise Oversight)

Abstract

To gauge market “expectations,” real estate industry observers have increasingly referenced the Chicago Mercantile Exchange’s nascent real estate futures market. This paper tests whether prices on that exchange have proved to be unbiased predictors of real estate prices. Empirical evidence suggests that prices for more distant contracts—futures contracts that expire in six months or more—have tended to predict larger home price declines than ultimately occurred. Prices for contracts that were closer to expiration, by contrast, were less susceptible to such bias.

Suggested Citation

  • Andrew Leventis, 2008. "Real Estate Futures Prices as Predictors of Price Trends," FHFA Staff Working Papers 08-01, Federal Housing Finance Agency.
    • Handle: RePEc:hfa:wpaper:08-01
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    File URL: https://www.fhfa.gov/sites/default/files/2023-04/2008-01_WorkingPaper_08-1_N508.pdf
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    File URL: https://www.fhfa.gov/research/papers/wp0801
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    Cited by:

    1. Shuang Zhu & R. Pace & Walter Morales, 2014. "Using Housing Futures in Mortgage Research," The Journal of Real Estate Finance and Economics, Springer, vol. 48(1), pages 1-15, January.

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