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Real estate liquidity

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Author Info
John Krainer

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Abstract

Residential real estate markets often go through "hot" and "cold" periods. A hot market is one where prices are rising, liquidity is good in that average selling times are short, and the volume of transactions is higher than the norm. Cold markets have just the opposite characteristics - prices are falling, liquidity is poor, and volume is low. In this paper I show how liquidity depends on the value of the housing service flow, which in turn reflects the aggregate state of the economy. I use data from the San Francisco Bay Area to investigate the relationship between marketing times and state variables such as the interest rate and job growth.

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Publisher Info
Article provided by Federal Reserve Bank of San Francisco in its journal Economic Review.

Volume (Year): (1999)
Issue (Month): ()
Pages: 14-26
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Handle: RePEc:fip:fedfer:y:1999:p:14-26:n:3

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Related research
Keywords: Real property Liquidity (Economics)

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Williams, Joseph T, 1995. "Pricing Real Assets with Costly Search," Review of Financial Studies, Oxford University Press for Society for Financial Studies, vol. 8(1), pages 55-90. [Downloadable!] (restricted)
  2. Stein, Jeremy C, 1995. "Prices and Trading Volume in the Housing Market: A Model with Down-Payment Effects," The Quarterly Journal of Economics, MIT Press, vol. 110(2), pages 379-406, May. [Downloadable!] (restricted)
    Other versions:
  3. Arnott, Richard, 1989. "Housing Vacancies, Thin Markets, and Idiosyncratic Tastes," The Journal of Real Estate Finance and Economics, Springer, vol. 2(1), pages 5-30, February.
    Other versions:
  4. Nancy E. Wallace, 1996. "Hedonic-based price indexes for housing: theory, estimation, and index construction," Economic Review, Federal Reserve Bank of San Francisco, pages 34-48. [Downloadable!]
  5. Stuart A. Gabriel & Joe P. Mattey & William L. Wascher, 1996. "Compensating differentials and evolution of the quality-of-life among U.S. states," Working Papers in Applied Economic Theory 96-07, Federal Reserve Bank of San Francisco. [Downloadable!]
    Other versions:
  6. Wheaton, William C, 1990. "Vacancy, Search, and Prices in a Housing Market Matching Model," Journal of Political Economy, University of Chicago Press, vol. 98(6), pages 1270-92, December. [Downloadable!] (restricted)
  7. Stuart A. Gabriel & Joe P. Mattey & William L. Wascher, 1999. "House price differentials and dynamics: evidence from the Los Angeles and San Francisco metropolitan areas," Economic Review, Federal Reserve Bank of San Francisco, pages 3-22. [Downloadable!]
  8. Lippman, Steven A & McCall, John J, 1986. "An Operational Measure of Liquidity," American Economic Review, American Economic Association, vol. 76(1), pages 43-55, March.
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. John Abowd & Charles Mulvey, 1979. "Estimating the Union-Non-union Wage Differential: A Statistical Issue," Working Papers 488, Princeton University, Department of Economics, Industrial Relations Section.. [Downloadable!]
  2. Chihiro Shimizu & Kiyohiko G. Nishimura & Yasushi Asami, 2003. "Measuring the Cost of Imperfect Information in the Tokyo Housing Market," CIRJE F-Series CIRJE-F-238, CIRJE, Faculty of Economics, University of Tokyo. [Downloadable!]
  3. Grace Wong, 2004. "Has SARS Infected the Property Market? Evidence from Hong Kong," Working Papers 11, Princeton University, Department of Economics, Industrial Relations Section.. [Downloadable!]
  4. Grace Wong, 2004. "Has SARS Infected the Property Market? Evidence from Hong Kong," Working Papers 867, Princeton University, Department of Economics, Industrial Relations Section.. [Downloadable!]
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This page was last updated on 2008-9-4.

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