| Abstrakt: |
AbstractThis paper examines the effects of oil prices on home values in Kern County, California’s top oil producer. Using monthly data from 1990:01 to 2018:03, results from an ARDL model indicate that there is a long-run equilibrium relationship between oil prices, unemployment, interest rates, and home values. In the short run, a 1% increase in unemployment and interest rates will decrease home values by 2.06 and 0.82%, respectively. VEDC and GIRFs imply that changes in Kern’s home values will influence home prices in San Bernardino County. Los Angeles has the greatest effect on home sales in Kern County. |
