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The Honeycomb Cycle in Real Estate

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Author Info
Jos Janssen (Dutch Association for Real Estate Agents (NVM) Fakkelstede 1 PO Box 2000 3430 DC Nieuwegein The Netherlands)
Bert Kruijt (Department of Construction and Real Estate Economics University of Amsterdam 1018 WB Amsterdam The Netherlands)
Barrie Needham (Department of Pysical Planning University of Nijmegen PO Box 9108 6500 HK Nijmegen The Netherlands)
Abstract

A change in market conditions can trigger a cyclical response in the housing market, a cycle in both prices and number of transactions. This is caused not only by production lags but also by the reactions of buyers and sellers. The fact that many buyers are also sellers, and vice versa, has a special effect on this cycle. In this paper a theory of this cycle in prices and transactions is developed and empirically tested. It is found that volume changes are much more closely related statistically to changes in market conditions that are price changes. A clear cycle is found in two of the four towns studied.

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File URL: http://aux.zicklin.baruch.cuny.edu/jrer/papers/pdf/past/vol09n02/v09p237.pdf
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Publisher Info
Article provided by American Real Estate Society in its journal Journal of Real Estate Research.

Volume (Year): 9 (1994)
Issue (Month): 2 ()
Pages: 237-252
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Handle: RePEc:jre:issued:v:9:n:2:1994:p:237-252

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Postal: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323
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Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
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L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

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. John S. Hekman, 1985. "Rental Price Adjustment and Investment in the Office Market," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 13(1), pages 32-47. [Downloadable!] (restricted)
  2. R Barras, 1983. "A simple theoretical model of the office-development cycle," Environment and Planning A, Pion Ltd, London, vol. 15(10), pages 1381-1394, October. [Downloadable!] (restricted)
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  1. Stephen A. Pyhrr & Stephen E. Roulac & Waldo L. Born, 1999. "Real Estate Cycles and Their Strategic Implications for Investors and Portfolio Managers in the Global Economy," Journal of Real Estate Research, American Real Estate Society, vol. 18(1), pages 7-68. [Downloadable!]
  2. Jacques Gordon & Paige MosbaughTodd Canter & Todd Canter, 1996. "Integrating Regional Economic Indicators with the Real Estate Cycle," Journal of Real Estate Research, American Real Estate Society, vol. 12(3), pages 469-501. [Downloadable!]
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