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Predicting housing prices at alternative locations and in alternative scenarios of the spatial job distribution

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Alternative hedonic model formulations are used to compare predicted and observed prices of property transactions in alternative locations. The estimation of model parameters is based on data from Western Norway, and alternative model formulations primarily differ with respect to how spatial structure is represented. In addition to evaluating the predicability of alternative model formulations we also study how housing prices in different areas are affected by changes in the spatial distribution of employment. Alternative scenarios of job relocations are considered. We find, for instance, that the local impact of labor market shocks is negatively related to the degree of urbanization in the relevant region.

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  • Osland, Liv & Thorsen, Inge, 2007. "Predicting housing prices at alternative locations and in alternative scenarios of the spatial job distribution," Working Papers in Economics 16/07, University of Bergen, Department of Economics.
    • Handle: RePEc:hhs:bergec:2007_016
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    1. Inge Thorsen, 1998. "Spatial Consequences Of Changes In The Transportation Network: Theoretical Analysis And Numerical Experiments Within A Multizonal Three Sector Model," Papers in Regional Science, Wiley Blackwell, vol. 77(4), pages 375-406, October.
    2. Richard Voith, 1999. "The Suburban Housing Market: Effects of City and Suburban Employment Growth," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 27(4), pages 621-648, December.
    3. Osland, Liv & Thorsen, Inge & Gitlesen, Jens Petter, 2005. "Housing price gradients in a geography with one dominating center," Working Papers in Economics 06/05, University of Bergen, Department of Economics.
    4. Michael Wegener, 1998. "Applied Models of Urban Land Use, Transport and Environment: State of the Art and Future Developments," Advances in Spatial Science, in: Lars Lundqvist & Lars-Göran Mattsson & Tschangho John Kim (ed.), Network Infrastructure and the Urban Environment, chapter 14, pages 245-267, Springer.
    5. Lars Lundqvist & Lars-Göran Mattsson & Tschangho John Kim (ed.), 1998. "Network Infrastructure and the Urban Environment," Advances in Spatial Science, Springer, number 978-3-642-72242-4, February.
    6. Waddell, Paul & Berry, Brian J L & Hoch, Irving, 1993. "Residential Property Values in a Multinodal Urban Area: New Evidence on the Implicit Price of Location," The Journal of Real Estate Finance and Economics, Springer, vol. 7(2), pages 117-141, September.
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    More about this item

    Keywords

    Housing Demand; Housing Supply and Markets.;

    JEL classification:

    • R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand
    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets

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