Local House Price Dynamics: New Indices and Stylized Facts
研究构建了美国县、邮编和人口普查区层面40年间的年度恒定质量房价指数，发现1990-2015年大城市内部房价梯度变陡，郊区相对吸引力下降，且城市内部房价涨幅差异约为城市间的一半。
Abstract We introduce the first publicly available data set of constant‐quality house price indices for counties, ZIP codes and census tracts in the United States, at an annual frequency, over a 40‐year period. Between 1990 and 2015, house price gradients within large cities steepen, documenting a reversal of decades of increasing relative desirability of suburban locations. Real house prices are more likely to be nonstationary near the centers of large cities. Within‐city differences in house price appreciation at the ZIP code level are, on average, about half of between‐city differences, though this ratio varies depending on the time period and city size.