House price trends for San Francisco Bay area neighborhoods are only partially explained by the set of variables commonly used to assess house price levels. It is likely that such nonmarket factors as local building restrictions, differential mortgage financing policies, and real-estate agent behavior contribute to the relative inability of the cross-sectional model to predict change. In addition, the relationship of independent variables to price change shows great variation among different housing submarkets, casting doubt on the assumption that elasticities derived by a hedonic study for the metropolitan area as a whole represent the utility functions of buyers within more limited housing submarkets.
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