The Center is actively involved in promoting high-quality, academic research on topics related to the real estate industry. A sampling of this research can be found here.
Land Leverage: Decomposing Home Price Dynamics
Raphael W. Bostic, Stanley D. Longhofer and Christian Redfearn Final Draft: March 2007 Real Estate Economics, vol. 35, no. 2, Summer 2007, pp. 183-208 This paper demonstrates the importance of separating the bundled good of housing into land and improvements, arguing that changes in a property’s overall value will depend critically…
Estimating Location Premia using Fixed Effects – A Semi-Local Approach
Stanley D. Longhofer and Christian L. Redfearn Current draft: March 2024 Forthcoming, Real Estate Economicshttp://doi.org/10.1111/1540-6229.12523 In this paper, we develop a novel method for measuring the value of location within a metropolitan area. By estimating overlapping “semi-local” regressions and exploiting the symmetry among them, we are able to construct a…
Estimating Land Values using Residential Sales Data
Stanley D. Longhofer and Christian L. Redfearn Final draft: August 2022 Journal of Housing Economics, Vol. 58, Part A, December 2022 Land prices are at the heart of urban economics but are generally not observed directly. Though they are central to household and firm location choices, land-only sales in urban…
Scottish Home Prices: Compatible with Euro Membership
William Miles Published: June 2021 European Journal of Comparative Economics, 18(1), 3-22. Although the Scottish electorate voted down independence in 2014, Brexit has led to renewed calls from Scottish political leaders for a second referendum. Scottish independence would likely lead to joining the European Union, and this would obligate Scotland…
Land Values and External Obsolescence
Stanley D. Longhofer Final draft: February 2021 The Appraisal Journal, Spring 2021, vol. 89, no. 2, pp. 95-103. External obsolescence is perhaps one of the trickiest aspects of implementing the cost approach in appraisal. Because it is driven by factors outside the property, it is important for appraisers to make…
Regional UK House Price Co-Movement
William Miles Final draft: October 2019 Applied Economics, 52(45), 4976–4991 Cyclical synchronization of home prices has important implications for monetary (and other) policies. Regional house price divergence, even over a business cycle, can inhibit labor mobility and prevent workers from moving to where they could add most to their own wages…
Regional Convergence and Structural Change in US Housing Markets
William Miles Final draft: March 2019 Regional Studies, Regional Science, 6(1), 520–538 If house prices are convergent at the national level, monetary policy is easier to implement and labor has an easier time achieving mobility across regions. There have accordingly been a number of studies on home price convergence. Some of…
House Price Convergence in the Euro Zone: A Pairwise Approach
William Miles Final draft: February 2019 Economic Systems, Volume 44, Issue 3, September 2020 For the European Central Bank to incorporate euro-wide housing into its policy decisions, it is helpful if home values across the currency union are convergent in the long run. We apply a probabilistic pair-wise approach to…
Has the Euro Common Currency Actually Increased Home Price Co-Movement?
William Miles Final draft: February 2019 Journal of Regional Science, 59, 231-261 A low level of co‐movement between different euro country housing markets creates difficulties for the ECB in setting monetary policy. Such co‐movement across eurozone countries has been the subject of a number of studies, using different methodologies and…