Pollock, Matthew;
Mori, Masaki;
Wu, Yi;
(2024)
Herding and reverse herding in US housing markets: new evidence from a metropolitan-level analysis.
Regional Studies
10.1080/00343404.2024.2325613.
(In press).
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Abstract
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.
| Type: | Article |
|---|---|
| Title: | Herding and reverse herding in US housing markets: new evidence from a metropolitan-level analysis |
| Open access status: | An open access version is available from UCL Discovery |
| DOI: | 10.1080/00343404.2024.2325613 |
| Publisher version: | http://dx.doi.org/10.1080/00343404.2024.2325613 |
| Language: | English |
| Additional information: | © 2024 The Author(s). Published by Informa UK Limited, trading as Taylor & Francis Group This is an Open Access article distributed under the terms of the Creative Commons Attribution License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. The terms on which this article has been published allow the posting of the Accepted Manuscript in a repository by the author(s) or with their consent. |
| Keywords: | Herding; reverse herding; housing; overconfidence |
| UCL classification: | UCL UCL > Provost and Vice Provost Offices > UCL BEAMS UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment |
| URI: | https://discovery.ucl.ac.uk/id/eprint/10195253 |
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