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Early effects of COVID-19 pandemic-related state policies on housing market activity in the United States

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  • Yörük, Barış K.

Abstract

I use daily and weekly data from 100 metropolitan areas in 2020 to investigate the effects of state-level policies to combat the COVID-19 pandemic on various indicators of U.S. housing market activity. Measures of housing market activity include change in new listings, total inventory, newly pending sales, median list price, web traffic to for-sale homes, and average number of days to pending sale status. Using event study and difference-in-differences models, I find that the closure of non-essential businesses in certain states was associated with up to an 11-percentage point decrease in new home listings and a 3.5 percentage point decrease in total inventory relative to the same period in 2019. I also find that school closures may affect some outcomes.

Suggested Citation

  • Yörük, Barış K., 2022. "Early effects of COVID-19 pandemic-related state policies on housing market activity in the United States," Journal of Housing Economics, Elsevier, vol. 57(C).
    • Handle: RePEc:eee:jhouse:v:57:y:2022:i:c:s1051137722000304
    DOI: 10.1016/j.jhe.2022.101857
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    More about this item

    Keywords

    Covid-19; Housing market activity; State-level restrictive policies;
    All these keywords.

    JEL classification:

    • I18 - Health, Education, and Welfare - - Health - - - Government Policy; Regulation; Public Health
    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets

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