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Chain-Formation in the Owner-Occupied Housing Market

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  • Rosenthal, Leslie

Abstract

This paper examines the process by which owner-occupied housing market transactions take place. The objective is to develop a model which can reproduce the slow build-up of housing chains of connected owner-occupier sales and purchases. The approach here applies stringent discontinuous preferences over house type and location to develop a computer model which will produce these housing chains. The process derived demonstrates that existing owner-occupiers spend longer in housing market search than will first-time buyers or the sellers of new dwellings. The implication that existing owner-occupiers 'lag' in the housing market is tested on U.K. housing price data, with results that clearly support this general hypothesis. Copyright 1997 by Royal Economic Society.

Suggested Citation

  • Rosenthal, Leslie, 1997. "Chain-Formation in the Owner-Occupied Housing Market," Economic Journal, Royal Economic Society, vol. 107(441), pages 475-488, March.
    • Handle: RePEc:ecj:econjl:v:107:y:1997:i:441:p:475-88
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    2. repec:spo:wpecon:info:hdl:2441/8988 is not listed on IDEAS
    3. Gabriel Desgranges & Étienne Wasmer, 2000. "Appariements sur le marché du logement," Annals of Economics and Statistics, GENES, issue 58, pages 253-287.
    4. Elliot Anenberg & Daniel R. Ringo, 2019. "The Propagation of Demand Shocks Through Housing Markets," Finance and Economics Discussion Series 2019-084, Board of Governors of the Federal Reserve System (U.S.).
    5. Etienne Wasmer, 2005. "Housing market discrimination, housing regulations and intermediaries," Sciences Po publications info:hdl:2441/9023, Sciences Po.
    6. Philippe Bracke, 2021. "How Much Do Investors Pay for Houses?," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 49(S1), pages 41-73, March.
    7. Ménard, Sébastien, 2012. "Should we tax vacant dwellings? A search equilibrium model applied to the rental housing market," Economics Letters, Elsevier, vol. 117(1), pages 88-90.
    8. Espen R Moen & Plamen T Nenov & Florian Sniekers, 2021. "Buying First or Selling First in Housing Markets," Journal of the European Economic Association, European Economic Association, vol. 19(1), pages 38-81.
    9. Moen, Espen R. & Nenov, Plamen T., 2014. "Buying First or Selling First in Housing Markets," CEPR Discussion Papers 9946, C.E.P.R. Discussion Papers.
    10. Bramh Dev Sharma, 2014. "Residential Estate Valuation Index (REVI): A Consumer Perspective," Management and Labour Studies, XLRI Jamshedpur, School of Business Management & Human Resources, vol. 39(3), pages 365-380, August.
    11. Maury, Tristan-Pierre & Tripier, Fabien, 2014. "Search strategies on the housing market and their implications on price dispersion," Journal of Housing Economics, Elsevier, vol. 26(C), pages 55-80.
    12. repec:hal:wpspec:info:hdl:2441/9023 is not listed on IDEAS
    13. Earl, Peter E., 1998. "Information, coordination and macroeconomics," Information Economics and Policy, Elsevier, vol. 10(3), pages 331-342, September.
    14. Garrett, Vicki & Koontz, Tomas M., 2008. "Breaking the cycle: Producer and consumer perspectives on the non-adoption of passive solar housing in the US," Energy Policy, Elsevier, vol. 36(4), pages 1551-1566, April.
    15. repec:hal:spmain:info:hdl:2441/8988 is not listed on IDEAS
    16. repec:spo:wpecon:info:hdl:2441/9023 is not listed on IDEAS
    17. Etienne Wasmer, 2005. "Housing market discrimination, housing regulations and intermediaries," SciencePo Working papers hal-01053551, HAL.
    18. Gabriel Desgranges & Étienne Wasmer, 2000. "Appariements sur le marché du logement," Annals of Economics and Statistics, GENES, issue 58, pages 253-287.
    19. Mateja Kos Koklic & Irena Vida, 2009. "A Strategic Household Purchase: Consumer House Buying Behavior," Managing Global Transitions, University of Primorska, Faculty of Management Koper, vol. 7(1), pages 75-96.
    20. repec:hal:wpspec:info:hdl:2441/8988 is not listed on IDEAS

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