Real Estate Prices During the Roaring Twenties and the Great Depression
基于曼哈顿1920-1939年市场交易数据构建房地产价格指数，发现1929年三季度价格达峰后暴跌67%，高端房产与股市高度联动，投资房产长期回报远逊于股市。
Using new data on market‐based transactions we construct real estate price indexes for Manhattan between 1920 and 1939. During the 1920s prices reached their highest level in the third quarter of 1929 before falling by 67% at the end of 1932 and hovering around that value for most of the Great Depression. The value of high‐end properties strongly co‐moved with the stock market between 1929 and 1932. A typical property bought in 1920 would have retained only 56% of its initial value in nominal terms two decades later. An investment in the stock market index (including dividends) would have outperformed an investment in a typical property (including net rental income) by a factor of 5.2 over our time period.