The impact of COVID-19 on home value in major Texas cities
Abstract
This study examines the impact of COVID-19 on housing prices in four major metropolitan areas in Texas: Austin, Dallas, Houston, and San Antonio. Using a linear mixed effects model, it analyzes socioeconomic, housing, and transportation factors affecting median home prices while considering fixed and random effects. Results reveal that an increase in new COVID-19 cases correlates with higher housing prices. Moreover, housing prices are negatively associated with variables such as business cycle index, mortgage rate, single-family home percentage, population density, and foot traffic. Surprisingly, unemployment claims do not significantly affect housing prices, contrary to previous research. This study differs by extending the analysis throughout 2020 and incorporating quantitative mobility data, providing insights into pandemic-driven housing market dynamics.