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They find that the ratio of construction costs to price, changes in the adult population, and increases in real per capita income are all positively related to house prices and excess returns. The results add weight to the argument that the market for single-family homes is inefficient. M&W also provide some support for the proposition that the housing market is an inefficient asset market when they fail to find a significant relationship between the rent price ratio and capital gains. 3 Downward Stickiness An important stylized fact about the housing market in the United States that has not been well explored in the literature is that house prices are sticky downward.

3 percent in 1989). 2). In addition to the general tightening of monetary conditions, the Ministry of Finance imposed a zero-growth restriction on the total amount of bank lending to real estate companies in April 1990. As a result of this restriction, bank 27 Land Prices and House Prices in Japan lending to real estate companies declined during 1990. This had a strong impact on land transactions and land prices. In fact, land prices in some districts in Osaka dropped significantly during the latter half of 1990.

Karl E. Case is professor of economics at Wellesley College and a visiting scholar at the Federal Reserve Bank of Boston. The author wishes to thank Brooke Frewing for research assistance and James Poterba and Robert Shiller for helpful comments. 29 Karl E. 8 ' 1947 I I I 1957 1967 1977 ~~ 1987 Fig. 1 House prices, 1947-90. S. Prices Duru Bunk; U S . : Government Printing Office, August 1990-May 1991). 2 Housing Prices since 1950: National Trends The most significant problem in studying the movement of home prices is the lack of consistent data.

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A school atlas of English history by Samuel Rawson Gardiner


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