The Review of Housing Price Models (National and Regional Approaches)

Document Type : Review paper

Authors

Faculty of Economics, Allameh Tabataba’i University, Tehran, Iran.

Abstract

This study reviews the evolution of national and regional housing models that developed and received much attention in the housing economics literature. From this point of view, first, we focus our attention on the econometric modeling of national housing markets and discuss their limitations in twofold: inferring individual-level relations from aggregate-level data or aggregate shocks, and assuming spatial homogeneity in all regions. These two problems will be addressed precisely in the newly developed regional housing market models by identifying the sources of cross-sectoral dependence, namely, spatial and temporal dependence. Spatial dependence refers to how spatial factors influence economic processes. It is measured through a spatial weighting matrix. Cross-sectional dependence stemming from common factors is attributed to economy-wide shocks that affect all individuals with different intensities coming from different macro shocks, such as interest rates, oil prices, and technology shocks.

Keywords

Main Subjects

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Journal of Economic Research (Tahghighat- E- Eghtesadi)
Volume 59, Issue 2
November 2024
Pages 280-326

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History

  • Receive Date: 07 February 2024
  • Revise Date: 07 May 2024
  • Accept Date: 12 November 2024

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