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Censored Sample Bias, Macroeconomic Factors, and Time on Market of Residential Housing

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Abstract

This paper reexamines the time on market (TOM) of residential housing. We use a larger sample of data to analyze the factors that effect TOM. The research provides evidence of the impact of macroeconomic factors on TOM and demonstrates the application procedure in correcting the censored sample bias in this area of research.

Suggested Citation

  • Rajiv Kalra & Kam C. Chan, 1994. "Censored Sample Bias, Macroeconomic Factors, and Time on Market of Residential Housing," Journal of Real Estate Research, American Real Estate Society, vol. 9(2), pages 253-262.
  • Handle: RePEc:jre:issued:v:9:n:2:1994:p:253-262
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    References listed on IDEAS

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    1. Nelson, Charles R & Kang, Heejoon, 1981. "Spurious Periodicity in Inappropriately Detrended Time Series," Econometrica, Econometric Society, vol. 49(3), pages 741-751, May.
    2. Norman G. Miller, 1978. "Time on the Market and Selling Price," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 6(2), pages 164-174.
    3. Brian D. Kluger & Norman G. Miller, 1990. "Measuring Residential Real Estate Liquidity," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 18(2), pages 145-159.
    4. White, Halbert, 1980. "A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity," Econometrica, Econometric Society, vol. 48(4), pages 817-838, May.
    5. Donald Haurin, 1988. "The Duration of Marketing Time of Residential Housing," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 16(4), pages 396-410.
    6. Paul K. Asabere & Forrest E. Huffman & Seyed Mehdian, 1993. "Mispricing and Optimal Time on the Market," Journal of Real Estate Research, American Real Estate Society, vol. 8(1), pages 149-155.
    7. James Tobin, 1956. "Estimation of Relationships for Limited Dependent Variables," Cowles Foundation Discussion Papers 3R, Cowles Foundation for Research in Economics, Yale University.
    8. Jacob Belkin & Donald J. Hempel & Dennis W. McLeavey, 1976. "An Empirical Study of Time on Market Using Multidimensional Segmentation of Housing Markets," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 4(2), pages 57-75.
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    Cited by:

    1. John D. Benjamin & G. Donald Jud & G. Stacy Sirmans, 2000. "Real Estate Brokerage and the Hosting Market: An Annotated Bibliography," Journal of Real Estate Research, American Real Estate Society, vol. 20(1), pages 217-278.
    2. Catherine Tucker & Juanjuan Zhang & Ting Zhu, 2013. "Days on market and home sales," RAND Journal of Economics, RAND Corporation, vol. 44(2), pages 337-360, June.
    3. Anglin, Paul M., 2006. "Value and liquidity under changing market conditions," Journal of Housing Economics, Elsevier, vol. 15(4), pages 293-304, December.
    4. Justin Benefield & William Hardin, 2015. "Does Time-on-Market Measurement Matter?," The Journal of Real Estate Finance and Economics, Springer, vol. 50(1), pages 52-73, January.
    5. John D. Benjamin & G. Donald Jud & G. Stacy Sirmans, 2000. "What Do We Know About Real Estate Brokerage?," Journal of Real Estate Research, American Real Estate Society, vol. 20(1), pages 5-30.
    6. Paul Anglin & Ronald Rutherford & Thomas Springer, 2001. "The Trade-off Between the Selling Price of Residential Properties and Time -on-the-Market: The impact of the Price Setting," ERES eres2001_105, European Real Estate Society (ERES).
    7. David Koch & Gunther Maier, 2015. "The influence of estate agencies’ location and time on Internet," Review of Regional Research: Jahrbuch für Regionalwissenschaft, Springer;Gesellschaft für Regionalforschung (GfR), vol. 35(2), pages 147-171, October.
    8. Patrick S. Smith & Karen M. Gibler & Velma Zahirovic-Herbert, 2016. "The Effect of Relisting on House Selling Price," The Journal of Real Estate Finance and Economics, Springer, vol. 52(2), pages 176-195, February.
    9. Stanley McGreal & Alastair Adair & Louise Brown & James R. Webb, 2009. "Pricing and Time on the Market for Residential Properties in a Major U.K. City," Journal of Real Estate Research, American Real Estate Society, vol. 31(2), pages 209-234.

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    JEL classification:

    • L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

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