This paper provides a search model for housing market where the number of buyers and/or sellers plays very important role. The model makes three testable predictions: (1) the unemployment rate has a negative impact on the trading volume and the sale prices of the housing market; (2) a larger housing market has a lower average sale price, shorter time-to-sale and smaller price dispersion, in addition to a lower vacancy rate. (3) In a larger housing market, when the unemployment rate goes up (or down), the sale price decreases (or increases) by a smaller percentage than in a smaller market. All three predictions are supported by a panel dataset of the Texas city-level housing markets.
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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number
12134.
Length: Date of creation: Apr 2006 Date of revision: Handle: RePEc:nbr:nberwo:12134
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Find related papers by JEL classification: R0 - Urban, Rural, and Regional Economics - - General R3 - Urban, Rural, and Regional Economics - - Production Analysis and Firm Location
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Coles, Melvyn G & Smith, Eric, 1998.
"Marketplaces and Matching,"
International Economic Review,
Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 39(1), pages 239-54, February.
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