Data files:
BLS_LogprData_new2_semi.xls contains the semi-annual log price-rent ratios for the 23 MSAs.
BLS_Real_RentData_new2.semi.xls contains the semi-annual real rental growth for the 23 MSAs, and several macroeconomic variables.

RATS codes:
housefac_final.rpf is the RATS code to implement the VAR-DFM estimation using the real rental growth and the macroeconomic variables.
housefac_pr_final.rpf implements the DFM estimation for the log price-rent ratios.
These two codes generate the primary results in this paper.  
