We study the microlevel evolution of residential house prices using data on repeat sales on Manhattan Island from 2004 to 2015. We document that price comovement, even within a ZIP code, is a highly local and persistent phenomenon. The strength of such comovements vanishes with both spatial and temporal distance. Local underperformance is more persistent than local overperformance, particularly when house prices on aggregate level increase.

中文翻译：

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当地房价变动

我们使用2004年至2015年曼哈顿岛重复销售的数据研究了住宅房价的微观变化。我们记录到，即使在邮政编码范围内，价格变动也是一种高度本地化和持续的现象。这种联动的强度随着空间和时间距离而消失。本地表现不佳比本地表现不佳更为持久，尤其是当房价总体水平上涨时。