We find that the movement of urban house prices in the U.S. has become more synchronized since the early 2000s. The elevated comovement is substantial, widespread, occurring for the majority of city-pairs, and continued even after the housing market turned to bust in 2007. We investigate whether and to what extent the comovement increase can be explained by banking integration following deregulations in the banking industry. Utilizing novel measures of city-level banking integration based on bank deposit data, we find that an increase in banking integration leads to an increase in the comovement of urban house prices. City-pairs that are more connected through national banking system had experienced a greater increase in comovement, after controlling for a variety of explanatory variables. Our findings can be interpreted as spillover effect, rather than substitution effect, of banking integration at work.

我们发现，自2000年代初以来，美国城市房价的变动变得更加同步。联席会议的增加是巨大的，广泛的，在大多数城市对中都发生，甚至在2007年房地产市场萧条之后仍在继续。我们调查联席会议的增加是否可以以及在多大程度上可以通过放松监管后的银行整合来解释。银行业。利用基于银行存款数据的新颖的城市层面银行业整合措施，我们发现银行业整合的增加导致城市房价变动的增加。在控制了各种解释变量之后，通过国家银行系统联系更紧密的城市对的联乘活动有了更大的增长。我们的发现可以解释为溢出效应，