Real estate research has primarily focused on examining aggregate shocks and dynamics to describe housing market trends; however, heterogeneity across housing types has been largely ignored especially on an intra-city level. In this paper, we address this heterogeneity through exploring how two different market types – single-family homes (SFH) and multi-family homes (MFH) within in a single metropolitan area – responded to the housing market bust and recovery between 2008 and 2016. Results from a robust series of specifications provide evidence that market dynamics of price, liquidity, and degree of overpricing deviated substantially both during the housing market bust and recovery period, and showed significant variation across housing types. These outcomes are novel in demonstrating that SFH and MFH are differentially affected by market shocks, and that a time-constant control for housing type may not accurately capture housing market dynamics in any single locale, potentially leading to erroneous conclusions about policy implementation.

房地产研究主要​​侧重于检查总体冲击和动态，以描述住房市场趋势；但是，尤其是在城市内部，跨住房类型的异质性已被很大程度上忽略。在本文中，我们通过探索两种不同的市场类型——单一大都市区内的单户住宅 (SFH) 和多户住宅 (MFH)——如何应对 2008 年至 2016 年间的房地产市场萧条和复苏来解决这种异质性. 一系列稳健规范的结果提供证据表明，价格、流动性和定价过高程度的市场动态在房地产市场萧条和复苏期间都出现了大幅偏离，并且在不同类型的住房中表现出显着差异。这些结果是新颖的，表明 SFH 和 MFH 受市场冲击的影响不同，