Full Citation

Title: The price and quantity of residential land in the United States

Citation Type: Journal Article

Publication Year: 2007

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Abstract: One can conceptualize a house as a bundle comprising a reproducible tangible structure and a nonreproducible plot of land. When the value of a home is decomposed this way, land capitalizes the market value of a homes location. We develop a formal relationship between the dynamics of house prices, structures costs and land prices, and thereby construct the first constant-quality price and quantity indexes for the aggregate stock of residential land in the United States. In a range of applications we show that these series can shed light on trends, fluctuations and regional variation in the price of housing.

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Authors: Davis, Morris A.; Heathcote, Jonathan

Periodical (Full): Journal of Monetary Economics

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Volume: 54

Pages: 2595-2620

Data Collections: IPUMS USA

Topics: Housing and Segregation

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