Fischer, MarcelMarcelFischerFüss, RolandRolandFüssStehle, SimonSimonStehle2023-04-132023-04-132019-05-29https://www.alexandria.unisg.ch/handle/20.500.14171/98622We study the micro-level evolution of residential house prices using data on repeat sales on Manhattan Island from 2004 to 2015. We document that excess price comovement is a highly local and persistent phenomenon. The strength of such excess comovements vanishes with both spatial and temporal distance. Local underperformance is more persistent than local overperformance { particularly when house prices on aggregate level increase.enHousing marketprice comovementsurban economicsreal estaterepeat sales.working paper