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Search and Matching in the Housing Market

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  • Genesove, David
  • Han, Lu

Abstract

Housing markets clear, in part, through the time that buyers and sellers spend on the market. We show that demand generally leads to shorter seller time on the market and fewer homes that buyers visit, while buyer time on the market is much less sensitive to demand. Furthermore, seller time on the market and homes visited are much more sensitive to demand growth than its level, consistent with sellers responding to demand with a lag. Those same findings also provide an estimate of the elasticity of the matching function.

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Bibliographic Info

Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 7777.

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Date of creation: Apr 2010
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Handle: RePEc:cpr:ceprdp:7777

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Keywords: housing; matching; search; time on the market;

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References

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Citations

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Cited by:
  1. Loertscher, Simon & Niedermayer, Andras, 2012. "Assessing the Performance of Simple Contracts Empirically: The Case of Percentage Fees," Discussion Paper Series of SFB/TR 15 Governance and the Efficiency of Economic Systems 435, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich.
  2. Elliot Anenberg & Patrick Bayer, 2013. "Endogenous Sources of Volatility in Housing Markets: The Joint Buyer-Seller Problem," NBER Working Papers 18980, National Bureau of Economic Research, Inc.
  3. Elliot Anenberg & Patrick Bayer, 2013. "Endogenous sources of volatility in housing markets: the joint buyer-seller problem," Finance and Economics Discussion Series 2013-60, Board of Governors of the Federal Reserve System (U.S.).
  4. de Wit, Erik & van der Klaauw, Bas, 2010. "Asymmetric Information and List Price Reductions in the Housing Market," CEPR Discussion Papers 7799, C.E.P.R. Discussion Papers.
  5. Gaetano Lisi, 2014. "Home-seekers in the Housing Market," International Real Estate Review, Asian Real Estate Society, vol. 17(1), pages 47-62.
  6. Lisi, Gaetano, 2011. "The Hedonic Price Function in a Matching Model of Housing Market," MPRA Paper 32697, University Library of Munich, Germany.
  7. Gaetano Lisi, 2011. "Price Dispersion in the Housing Market: The Role of Bargaining and Search Costs," Working Papers hal-00628323, HAL.
  8. Lisi, Gaetano, 2012. "Can the Mortensen-Pissarides model match the housing market facts?," MPRA Paper 36769, University Library of Munich, Germany.
  9. Lisi, Gaetano, 2012. "On the theoretical derivation of a functional form for the hedonic price function," MPRA Paper 37066, University Library of Munich, Germany.

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