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Housing Inventory and Completion

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  • Coulson, N Edward

Abstract

The model of Hendry (1986) is extended to a vector autoregressive system, in order to examine the sources of fluctuations in housing completions and inventory. The time-series properties of the completion rate are examined as well as those of the accumulated inventory. Shocks to income, interest rates, materials price, and housing price are examined. The completion rate appears to be more or less constant, unaffected by these shocks, so that inventory is evidently the control variable for builders. Copyright 1999 by Kluwer Academic Publishers

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  • Coulson, N Edward, 1999. "Housing Inventory and Completion," The Journal of Real Estate Finance and Economics, Springer, vol. 18(1), pages 89-105, January.
    • Handle: RePEc:kap:jrefec:v:18:y:1999:i:1:p:89-105
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    Cited by:

    1. Lee, Chul-In, 2007. "Does provision of public rental housing crowd out private housing investment? A panel VAR approach," Journal of Housing Economics, Elsevier, vol. 16(1), pages 1-20, March.
    2. Kishor, N. Kundan, 2023. "Forecasting House Prices: The Role of Fundamentals, Credit Conditions, and Supply Indicators," MPRA Paper 116819, University Library of Munich, Germany.
    3. Matthew Spiegel, 1999. "Housing Return And Construction Cycles," Yale School of Management Working Papers ysm114, Yale School of Management, revised 01 Mar 2001.
    4. SeungHan Ro & Paul Gallimore & Sherwood Clements & Gang-Zhi Fan, 2019. "Herding Behavior among Residential Developers," The Journal of Real Estate Finance and Economics, Springer, vol. 59(2), pages 272-294, August.
    5. Shikong Luo & Alan Tidwell & Sherwood Clements, 2022. "Does Political Uncertainty Affect Residential Development?," The Journal of Real Estate Finance and Economics, Springer, vol. 65(4), pages 572-592, November.
    6. Kulaksizoglu, Tamer, 2004. "Measuring the Effectiveness of Competition Policy: Evidence from the Turkish Cement Industry," MPRA Paper 357, University Library of Munich, Germany.
    7. Huang, Yuting & Li, Qiang & Liow, Kim Hiang & Zhou, Xiaoxia, 2020. "Is Housing the Business Cycle? A Multiresolution Analysis for OECD Countries," Journal of Housing Economics, Elsevier, vol. 49(C).
    8. Lunsford, Kurt G., 2015. "Forecasting residential investment in the United States," International Journal of Forecasting, Elsevier, vol. 31(2), pages 276-285.
    9. Matthew Spiegel, 1999. "Housing Return And Construction Cycles," Yale School of Management Working Papers ysm114, Yale School of Management, revised 01 Mar 2001.
    10. Geoffrey Meen, 2016. "Spatial housing economics: A survey," Urban Studies, Urban Studies Journal Limited, vol. 53(10), pages 1987-2003, August.
    11. Ball, Michael & Meen, Geoffrey & Nygaard, Christian, 2010. "Housing supply price elasticities revisited: Evidence from international, national, local and company data," Journal of Housing Economics, Elsevier, vol. 19(4), pages 255-268, December.
    12. Peter Chinloy & Zhonghua Wu, 2013. "The Inventory-Sales Ratio and Homebuilder Return Predictability," The Journal of Real Estate Finance and Economics, Springer, vol. 46(3), pages 397-423, April.
    13. William Miles, 2009. "Irreversibility, Uncertainty and Housing Investment," The Journal of Real Estate Finance and Economics, Springer, vol. 38(2), pages 173-182, February.
    14. Croce, Roberto M. & Haurin, Donald R., 2009. "Predicting turning points in the housing market," Journal of Housing Economics, Elsevier, vol. 18(4), pages 281-293, December.

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