Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/280538 
Year of Publication: 
2017
Series/Report no.: 
AEI Economics Working Paper No. 2016-02
Version Description: 
Updated June 2017
Publisher: 
American Enterprise Institute (AEI), Washington, DC
Abstract: 
We use new property-level data to estimate the price of land from 2000 to 2013 for nearly the universe of detached single-family homes in the Washington, DC metro area and characterize the housing boom-bust cycle in land and house prices at a fine geography. The data show that land prices were more volatile than house prices everywhere, but especially so in the areas where land was inexpensive in 2000. We demonstrate that the change in the land share of house value during the boom was a significant predictor of the decline in house prices during the bust, highlighting the value of focusing on land in assessing house-price risk.
Subjects: 
US Housing Market
Housing Center: Research
JEL: 
A
Document Type: 
Working Paper

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