House Prices and Regional Real Estate Cycles: Market Adjustments in Houston
House Prices and Regional Real Estate Cycles: Market Adjustments in Houston
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房价和区域房地产周期：休斯顿的市场调整
DOI：
10.1111/1540-6229.00559
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发表时间：
1991
影响因子：
2.2
通讯作者：
William P. Tesarek
中科院分区：
文献类型：
--
作者：
Barton A. Smith;William P. Tesarek
房地产周期通常会导致实际房价大幅波动，这种价格变化无法用房屋价值中位数等单一统计数据来充分描述。相反，必须检查所有质量水平的整个价格结构。本文分析了德克萨斯州休斯顿房地产泡沫破裂对价格的影响。这表明住房平均价格下降，房价函数本身的结构发生了变化。在市场均衡过程中，住房边际价格的变化可能比平均价格的下降更为重要。
Real estate cycles often generate sharp swings in real housing prices, price changes that cannot be adequately described by a single statistic such as median home values. Instead, the entire structure of prices across all quality levels must be examined. This paper analyzes the price impact of the Houston, Texas, real estate bust. It shows that the average price of housing fell, and that the structure of the housing price function itself changed. Changes in the marginal price of housing were probably more significant to the market equilibrating process than the decline in average price alone.
影响因子：
8.2
作者：
ROSEN, S
通讯作者：
ROSEN, S