Land Prices During Periods of Rapid Change
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Accurate information on land values is a consequential concern when prices are changing rapidly. This study compares USDA data and sales data from 1971-2011. While the land prices from these series move in similar patterns, there are periods of substantial differences. These periods show a pattern where differences are larger when prices are changing rapidly, and where USDA prices lag sales data prices. The spread in prices in sales data is also examined. While the standard deviation of prices in a year is higher when prices are higher, the coefficient of variation, which measures relative variability, is very stable