House Prices and Regional Real Estate Cycles: Market Adjustments in Houston
研究休斯顿房地产萧条期间房价整体结构的变化，发现边际价格变动比平均价格下降对市场均衡更重要。
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.