期刊
REAL ESTATE ECONOMICS
卷 50, 期 2, 页码 303-339出版社
WILEY
DOI: 10.1111/1540-6229.12368
关键词
COVID-19; house prices; real estate; shutdown order
This study provides new evidence on pricing effects in housing markets following government shutdown responses to COVID-19 using microlevel data on U.S. residential property transactions. The findings suggest that post-shutdown pricing effects are influenced by population density, as well as the size and structural density of properties. Sales also significantly decrease in markets under a shutdown.
This paper provides novel evidence on pricing effects in housing markets following government shutdown responses to COVID-19 using microlevel data on U.S. residential property transactions. We find that post-shutdown pricing effects not only depend on population density but also the size and structural density of properties. The average price of a three-bedroom property fell by approximately 1.4% in densely populated locations (e.g., downtown) but increased by about 1.5% in low-density locations (e.g., suburbs) where shutdowns were enacted. The effects are more drastic for properties with fewer bedrooms. We also document a significant decrease in sales for markets under a shutdown.
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