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Full-Text Articles in Social and Behavioral Sciences
Las Cruces Housing Price Dynamics: 1971-2019, Steven L. Fullerton, Thomas M. Fullerton Jr.
Las Cruces Housing Price Dynamics: 1971-2019, Steven L. Fullerton, Thomas M. Fullerton Jr.
Border Region Modeling Project
To examine housing price dynamics for Las Cruces, New Mexico, a theoretical model is developed that takes into account the supply and demand sides. The ARDL estimation methodology employed allows for more realistic market dynamics than prior studies of this residential real estate market, the second largest in New Mexico. A slightly larger sample size is also utilized. Results obtained corroborate evidence reported in several previous housing studies. Some unexpected outcomes also indicate that consistently reliable interlinkages between housing prices and explanatory variables may be elusive. Among the latter, an inverse relationship between apartment rents and single-family housing prices is …
Las Cruces Housing Price Fluctuations: 1971-2017, Steven L. Fullerton, James H. Holcomb, Thomas M. Fullerton Jr.
Las Cruces Housing Price Fluctuations: 1971-2017, Steven L. Fullerton, James H. Holcomb, Thomas M. Fullerton Jr.
Border Region Modeling Project
This study analyzes the median price for existing single-family housing units in Las Cruces, New Mexico. The proposed theoretical model accounts for the interplay between supply and demand sides of a metropolitan housing market. Explanatory variables used in the analysis are real per capita income, the housing stock, real mortgage rates, real apartment rents, and the median real price of single-family units in the United States. Annual frequency data are collected for a 1971-2017 sample period. Parameter estimation is completed using two stage generalized least squares. Empirical results confirm several, but not all, of the hypotheses associated with the underlying …