Real Estate Prices During the Roaring Twenties and the Great Depression

被引：22

作者：

Nicholas, Tom ^{[1
]}

Scherbina, Anna ^{[2
]}

机构：

[1] Harvard Univ, Sch Business, Boston, MA 02163 USA

[2] Univ Calif Davis, Grad Sch Management, Davis, CA 95616 USA

来源：

REAL ESTATE ECONOMICS | 2013年 / 41卷 / 02期

关键词：

NEW-YORK; INDEXES; CYCLES; LAND;

D O I：

10.1111/j.1540-6229.2012.00346.x

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Using new data on market-based transactions we construct real estate price indexes for Manhattan between 1920 and 1939. During the 1920s prices reached their highest level in the third quarter of 1929 before falling by 67% at the end of 1932 and hovering around that value for most of the Great Depression. The value of high-end properties strongly co-moved with the stock market between 1929 and 1932. A typical property bought in 1920 would have retained only 56% of its initial value in nominal terms two decades later. An investment in the stock market index (including dividends) would have outperformed an investment in a typical property (including net rental income) by a factor of 5.2 over our time period.

引用

页码：278 / 309

页数：32