Time series methods are used to study monthly inventory and sales dynamics in the U.S. market for new single-family homes. The inventory measure used is the inventory of unsold, new single-family homes, regardless of the stage of construction. Stylized facts regarding inventory, sales, the inventory-sales ratio, and the implied series of speculative housing starts are produced. Implications for structural models of housing supply and the relationship of inventory investment in this market to economy-wide inventory investment are considered. Finally, innovation accounting methods are applied to a structural VAR to study the responses of inventories and sales to permanent and transitory shocks.
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Publisher Info
Paper provided by Iowa State University, Department of Economics in its series Staff General Research Papers with number
12006.
Length: Date of creation: 19 Aug 2004 Date of revision: Publication status: Published in Real Estate Economics, 2004, Vol. 32, pp. 645-672. Handle: RePEc:isu:genres:12006
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