The Price Elasticity of the Long-Run Supply of New Housing Construction

James R. Follain

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Housing Market and Economics Urban Planning and Valuation Real estate and construction management

Abstract

The purchase price of a new house is comprised of essentially two components: the price of the structure and the price of the land. Given that the supply of land available for residential construction in urban areas is not perfectly elastic, it is inevitable that a rising demand for new homes will drive up the price of land and consequently the price of housing. Less clear is what effect, if any, increased demand for the structure component of new housing has upon the long-run price of housing. This paper examines whether the demand for the

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References

1970The Estimation of Simultaneous Equation Models with Lagged Endogenous Variables and First Order Serially Correlated Errors

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2010Housing supply price elasticities revisited: Evidence from international, national, local and company data 2004Drawing inferences about housing supply elasticity from house price responses to income shocks 2010Housing Supply, Land Costs and Price Adjustment 2002Does the low-income housing tax credit increase the supply of housing?1999The Long-Run Elasticity of New Housing Supply in the United States: Empirical Evidence for 1950 to 1994 1999Residential Construction Costs and the Supply of New Housing: Endogeneity and Bias in Construction Cost Indexes 2013A Dynamic Model of Housing Supply 2012The Estimation and Determinants of the Price Elasticity of Housing Supply: Evidence from China

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