Date of Award
2019-01-01
Degree Name
Master of Science
Department
Economics
Advisor(s)
James H. Holcomb
Abstract
This study analyzes the median price for existing single-family housing units in Las Cruces, New Mexico. Explanatory factors used in the analysis are real per capita income, the housing stock, real mortgage rates, real apartment rents, and the real price of homes across the United States with data ranging from 1970-2017. Two estimation strategies are used for parameter estimation of the reduced form price equation. Results obtained include various unforeseen outcomes that include unexpected coefficient signs and relatively large elasticities. The most surprising result is that the long-run real rent coefficient has a negative sign, implying that apartments and houses are complements rather than substitutes over the long-run in Las Cruces, New Mexico. Local income and national housing prices are positively correlated with single-family residence prices in the long-run.
Language
en
Provenance
Received from ProQuest
Copyright Date
2019-12
File Size
52 pages
File Format
application/pdf
Rights Holder
Steven L. Fullerton
Recommended Citation
Fullerton, Steven L., "Las Cruces Housing Prices" (2019). Open Access Theses & Dissertations. 2852.
https://scholarworks.utep.edu/open_etd/2852