Scandinavian Working Papers in Economics

Working Papers in Economics,
University of Bergen, Department of Economics

No 15/07: Testing for the impact of local spatial structure characteristics on house prices

Liv Osland () and Inge Thorsen ()
Additional contact information
Liv Osland: Stord/Haugesund University College, Postal: Bjørnsonsgt. 45, N-5528 Haugesund, Norway
Inge Thorsen: Stord/Haugesund University College, Postal: Bjørnsonsgt. 45, N-5528 Haugesund, Norway

Abstract: The starting point of this paper is a hedonic regression model where house prices are explained as a result of urban attraction and the accessibility to job opportunities in the region. We introduce the hypothesis that households in addition value accessibility to job opportunities in the neighborhood, and study if and how this is reflected in house prices. We propose several measures of local labor market characteristics, and test for the impact on house prices. The alternative measures do not add considerably to the explanatory power. Still, some characteristics contribute significantly, and affect the strength and interpretation of the relationship between local labor market conditions and house prices.

Keywords: Housing Demand; Housing Supply and Markets

JEL-codes: R21; R31

31 pages, December 6, 2007

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