Full Citation

Title: Housing return volatility in large metropolitan areas in the United States across market cycles (2000–2022)

Citation Type: Journal Article

Forthcoming?: Yes

ISBN:

ISSN: 14661810

DOI: 10.1080/02673037.2023.2218284

NSFID:

PMCID:

PMID:

Abstract: This study compares the inter- and intra-metropolitan patterns of housing return volatility in four market phases (boom, bust, recovery, and pandemic) in the United States between 2000 and 2022. The study finds a weak correlation between the physical characteristics of neighborhoods and housing market volatility. Notably, higher-density neighborhoods show greater market volatility throughout the boom, bust, and recovery phases but the trend is reversed during the pandemic period. However, the sociodemographic composition of neighborhoods exhibits a stronger correlation with market volatility. Specifically, housing markets in Black neighborhoods demonstrate persistently higher volatility, irrespective of market fluctuations. Similarly, low-income neighborhoods are consistently associated with greater volatility before the pandemic. The study does not find a consistent association between housing supply and market volatility across the four market phases. It shows that during the 2008 housing downturn, housing markets were less volatile in metropolitan areas with stricter land use regulations, less developable land, fewer home constructions, and better natural amenities.

Url: https://www.tandfonline.com/doi/abs/10.1080/02673037.2023.2218284

User Submitted?: No

Authors: Dong, Hongwei

Periodical (Full): Housing Studies

Issue:

Volume:

Pages: 1-18

Data Collections: IPUMS NHGIS

Topics: Housing and Segregation, Population Mobility and Spatial Demography

Countries: