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The Dynamics of House Price Capitalization and Locational Sorting: Evidence from Air Quality Changes

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The Dynamics of House Price Capitalization and Locational Sorting: Evidence from Air Quality Changes

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Working Paper Number CES-12-22

Abstract

The Dynamics of House Price Capitalization and Locational Sorting: Evidence from Air Quality Changes
Download The Dynamics of House Price Capitalization and Locational Sorting: Evidence from Air Quality Changes [PDF - <1.0 MB]

Despite extensive use of housing data to reveal valuation of non-market goods, the process of house price capitalization remains vague. Using the restricted access American Housing Survey, a high-frequency panel of prices, turnover, and occupant characteristics, this paper examines the time path of capitalization and preference-based sorting in response to air quality changes caused by differential regulatory pressure from the 1990 Clean Air Act Amendments. The results demonstrate that owner-occupied units capitalize changes immediately, whereas rent capitalization lags. The delayed but sharp rent capitalization temporally coincides with evidence of sorting, suggesting a strong link between location choices and price dynamics.

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Page Last Revised - October 8, 2021
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