On the Determinants of House Value Volatility

by Yu Zhou and Donald R. Haurin

ARTICLE | JRER | Vol. 32, 2010

Abstract

Few studies have analyzed the determinants of house value volatility at the level of individual houses. This paper uses two panels of the American Housing Survey covering 1974 to 2003 to test four hypotheses related to the determinants of house value volatility. The ﬁndings are that (1) house values at both ends of the quality distribution have greater variance than those with average quality levels, (2) the more atypical a house is, the greater the variance of house value, (3) the more highly ‘‘land leveraged’’ a house is, the greater the variance of its value, and (4) house values of minority households have greater variance than those of whites.　　

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