Herding and reverse herding in US housing markets: new evidence from a metropolitan-level analysis
基于Zillow邮政编码级房价指数，首次研究美国都市区住房市场的羊群与反向羊群行为，发现反向羊群更普遍，且受市场条件与地方特征影响。
This study is the first to examine herding and reverse herding in US metropolitan housing markets based on Zillow ZIP-level house price indices. Reverse herding is found to be more prevalent than herding, which differs markedly from equity markets and outcomes derived from less granular house price indices. The results suggest that the interaction between price appreciation and overconfidence may drive reverse herding. Also, herding and reverse herding show strong dependency on market conditions. Wide spatial and temporal variation in herding and reverse herding suggests the importance of local characteristics as determinants of the rationality of market responses.