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作者

来源

REAL ESTATE ECONOMICS,Vol.46,Issue3,P.612-654

语言

英文

关键字

RESIDENTIAL LAND; UNITED-STATES; RISK; DETERMINANTS; CITIES; RETURN; VOLATILITY; LOCATION; QUALITY; WORTH

作者单位

[Beracha, Eli] Florida Int Univ, Hollo Sch Real Estate, Miami, FL 33199 USA. [Gilbert, Ben T.; Kjorstad, Tyler] Univ Wyoming, Dept Econ & Finance, Laramie, WY 82071 USA. [Womack, Kiplan] Univ N Carolina, Belk Coll Business, Dept Finance, Charlotte, NC USA. Beracha, E (reprint author), Florida Int Univ, Hollo Sch Real Estate, Miami, FL 33199 USA. E-Mail: eberacha@fiu.edu; bgilbe10@uwyo.edu; tkjorsta@gmail.com; kwomack4@uncc.edu

摘要

This study explores the extent to which local amenities are related to house price volatility, returns and risk-adjusted returns across 238 MSAs. We find strong evidence that high amenity areas experience greater price volatility. In regards to returns, high amenity areas experience greater (lower) real returns in appreciating (depreciating) markets. However, high amenity areas experience little to no abnormal risk-adjusted returns. Results from the study are robust to an endogenous treatment of amenities and land supply elasticity. Overall, we conclude that the desirability of a metropolitan area is a significant channel through which land values drive house price dynamics.