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Internet Search Behavior, Liquidity and Prices in the Housing Market

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  • Dorinth W. van Dijk
  • Marc K. Francke

Abstract

We employ detailed internet search data to examine price and liquidity dynamics of the Dutch housing market. We show that the number of clicks on properties listed online proxies demand and the number of listed properties proxies supply. From this internet search behavior, we create a market tightness indicator and we find that this indicator Granger causes changes in both house prices and housing market liquidity. The results of a panel VAR suggest that a demand shock results in a temporary increase in liquidity and a permanent increase in prices in urban areas. This is in accordance with search and matching models.

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  • Dorinth W. van Dijk & Marc K. Francke, 2018. "Internet Search Behavior, Liquidity and Prices in the Housing Market," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 46(2), pages 368-403, June.
    • Handle: RePEc:bla:reesec:v:46:y:2018:i:2:p:368-403
    DOI: 10.1111/1540-6229.12187
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    Cited by:

    1. Timmermann, Allan & Møller, Stig & Pedersen, Thomas & Schütte, Erik Christian Montes, 2021. "Search and Predictability of Prices in the Housing Market," CEPR Discussion Papers 15875, C.E.P.R. Discussion Papers.
    2. Marie-Laure Breuillé & Julie Le Gallo & Alexandra Verlhiac, 2022. "Residential Migration and the COVID-19 Crisis: Towards an Urban Exodus in France?," Economie et Statistique / Economics and Statistics, Institut National de la Statistique et des Etudes Economiques (INSEE), issue 536-37, pages 57-73.
    3. Michele Loberto & Andrea Luciani & Marco Pangallo, 2022. "What Do Online Listings Tell Us about the Housing Market?," International Journal of Central Banking, International Journal of Central Banking, vol. 18(4), pages 1-52, October.
    4. Paul M. Anglin & Yanmin Gao, 2023. "Value of Communication and Social Media: An Equilibrium Theory of Messaging," The Journal of Real Estate Finance and Economics, Springer, vol. 66(4), pages 861-903, May.
    5. Dorinth van Dijk, 2019. "Local Constant-Quality Housing Market Liquidity Indices," DNB Working Papers 637, Netherlands Central Bank, Research Department.
    6. Cankun Wei & Meichen Fu & Li Wang & Hanbing Yang & Feng Tang & Yuqing Xiong, 2022. "The Research Development of Hedonic Price Model-Based Real Estate Appraisal in the Era of Big Data," Land, MDPI, vol. 11(3), pages 1-30, February.
    7. Rolheiser, Lyndsey & van Dijk, Dorinth & van de Minne, Alex, 2020. "Housing vintage and price dynamics," Regional Science and Urban Economics, Elsevier, vol. 84(C).
    8. Dorinth van Dijk & David Geltner & Alex van de Minne, 2018. "Revisiting supply and demand indexes in real estate," ERES eres2018_41, European Real Estate Society (ERES).
    9. Dorinth W. Dijk & David M. Geltner & Alex M. Minne, 2022. "The Dynamics of Liquidity in Commercial Property Markets: Revisiting Supply and Demand Indexes in Real Estate," The Journal of Real Estate Finance and Economics, Springer, vol. 64(3), pages 327-360, April.
    10. Pfeifer Norbert & Steurer Miriam, 2022. "Early Real Estate Indicators during the COVID-19 Crisis," Journal of Official Statistics, Sciendo, vol. 38(1), pages 319-351, March.
    11. Damian S. Damianov & Xiangdong Wang & Cheng Yan, 2021. "Google Search Queries, Foreclosures, and House Prices," The Journal of Real Estate Finance and Economics, Springer, vol. 63(2), pages 177-209, August.
    12. Tsoyu Calvin Lin & Shih-Hsun Hsu, 2020. "Forecasting Housing Markets from Number of Visits to Actual Price Registration System," International Real Estate Review, Global Social Science Institute, vol. 23(4), pages 505-536.
    13. Michele Loberto & Andrea Luciani & Marco Pangallo, 2018. "The potential of big housing data: an application to the Italian real-estate market," Temi di discussione (Economic working papers) 1171, Bank of Italy, Economic Research and International Relations Area.
    14. Elisa Guglielminetti & Michele Loberto & Giordano Zevi & Roberta Zizza, 2021. "Living on my own: the impact of the Covid-19 pandemic on housing preferences," Questioni di Economia e Finanza (Occasional Papers) 627, Bank of Italy, Economic Research and International Relations Area.
    15. Dorinth van Dijk & David Geltner & Alex van de Minne, 2018. "Revisiting supply and demand indexes in real estate," DNB Working Papers 583, Netherlands Central Bank, Research Department.
    16. Lyndsey Rolheiser & Dorinth van Dijk & Alex van de Minne, 2018. "Does Housing Vintage Matter? Exploring the Historic City Center of Amsterdam," DNB Working Papers 617, Netherlands Central Bank, Research Department.
    17. Bahar Öztürk & Dorinth van Dijk & Frank van Hoenselaar & Sander Burgers, 2018. "The relation between supply constraints and house price dynamics in the Netherlands," DNB Working Papers 601, Netherlands Central Bank, Research Department.

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