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Trading Rules in Housing Markets–What Can We Learn?

Abstract This paper examines the application of trading rules in testing informational efficiency in housing markets. The paper reviews and extends the work of Linneman (1986) and Londerville (1998) to an empirical analysis of Western Australian housing data. Whereas most previous studies have focused upon hedonic methods to predict future house prices, this study also incorporates repeat-sales data so that predicted and actual selling prices of individual properties are available for analysis. The results support the view that idiosyncratic information diffusion processes exist within housing markets. These processes are influenced by levels of aggregation within the data across spatial regions.