House price index analysis and zip-code downloadable data
Pettit, Kathryn
While zip codes are far from ideal, this sounds like a very cool dataset. (I haven’t had a chance to play with it yet and the FAQs don’t mention if there’s any plans to update.) Happy to hear any reactions from anyone who uses it.
-Kathy
**
Local House Price Dynamics: New Indices and Stylized Facts
Published: 4/12/2016
Author: Alexander N. Bogin, Senior Economist; William M. Doerner, Senior Economist; William D. Larson, Senior Economist
Abstract:
We construct the first large-scale panel of annual house price indices for cities, counties, 3-digit ZIP codes, and 5-digit ZIP codes in the United States from 1975 through 2015 using source data with nearly 100 million transactions. Appreciation rates decrease with distance from the central business district (CBD) in large cities, suggesting an overall increase in the desirability of housing units in CBD locations and a general steepening of the house price gradient. Real house prices are more likely to be non-stationary near the CBD than in the suburbs, a finding consistent with a higher elasticity of housing supply near the edge of the city. Sustained real price increases and high price volatility near the centers of large cities suggest a lower supply elasticity in these locations.
The ZIP5 HPIs constructed in this staff working paper can be downloaded on the HPI Downloadable Data page and are viewable in an interactive map under the "Data & Tools" page. Our FAQs address common questions. Please cite this working paper when using the dataset.
Senior Research Associate
202-261-5670 @kpettitdc
U R B A N I N S T I T U T E
Metropolitan Housing and Communities Policy Center
Click here to sign up for the Metropolitan Housing & Communities Policy Center Newsletter:
http://www.urban.org/center/met/signup-metro-newsletter.cfm