In this paper, we construct a panel data set of the U.S. housing market with volatility and average return in 50 states. Depending on this data set, we investigate the relation between the housing price growth ration and its volatility. The results show that the average growth ratio is positively related with its volatility in current period and last period. Meanwhile, the income risks also raise the local housing growth ratio. Although the income risk and the housing price volatility are correlated, the mechanism is not driven by this kind of relation. |