Steve Bourassa, Director of the School of Urban and Regional Planning, co-authored an article titled “U.S. Metropolitan House Price Dynamics” in the May 2018 issue of the Journal of Urban Economics. The paper uses advanced statistical techniques to explain changes in house prices in metropolitan areas in the United States. He and his co-authors find that aggregate personal income for metropolitan areas is an important determinant of house price dynamics, but the effect of aggregate income is closely related to constraints on the supply of housing. Supply constraints can be topographical or regulatory. His co-authors are Martin Hoesli (University of Geneva, Switzerland) and Elias Oikarinen and Janne Engblom (both at the University of Turku, Finland).
SURP Director Steven Bourassa and co-author Martin Hoesli of the University of Geneva have won the “Innovative Thinking Out of the Box” best paper prize for their paper, “High Frequency House Price Indexes with Scarce Data”, presented at the 2016 American Real Estate Society (ARES) Annual Meeting in Denver, Colorado. The paper presents a method for calculating house price indexes for small areas, such as city neighborhoods, on a monthly or quarterly basis. The paper is forthcoming in the Journal of Real Estate Literature, which is published by ARES. The prize is sponsored by the Homer Hoyt Institute.