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Housing markets, signals and search

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  • Duncan Maclennan
  • Anthony O’Sullivan

Abstract

Research into the spatial structure and functioning of local housing markets typically focuses on market outcomes, particularly house price changes and household movement patterns. Explanatory models are usually based upon a standard neoclassical analysis of the housing market. That approach de-emphasises the importance of imperfect information, real market processes and the signals they generate. The inherent nature of housing means that partly informed households typically engage in search activity prior to purchasing a property. Search is inevitably a spatial process. Housing market search modelling remains relatively undeveloped. However, analysis of this process can provide important additional insights to both better explain consumer behaviour and support more informed decision-making by housing planners and market providers. We illustrate these arguments using housing search data for Scotland.

Suggested Citation

  • Duncan Maclennan & Anthony O’Sullivan, 2012. "Housing markets, signals and search," Journal of Property Research, Taylor & Francis Journals, vol. 29(4), pages 324-340, July.
    • Handle: RePEc:taf:jpropr:v:29:y:2012:i:4:p:324-340
    DOI: 10.1080/09599916.2012.717102
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    References listed on IDEAS

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    1. Edward Ludwig Glaeser & Joseph Gyourko, 2003. "The impact of building restrictions on housing affordability," Economic Policy Review, Federal Reserve Bank of New York, issue Jun, pages 21-39.
    2. Brian Petereson, 2009. "Fooled by Search: Housing Prices, Turnover and Bubbles," Caepr Working Papers 2009-004, Center for Applied Economics and Policy Research, Economics Department, Indiana University Bloomington.
    3. Charles Ka Yui Leung & Chung-Yi Tse, 2012. "Flippers in Housing Market Search," 2012 Meeting Papers 434, Society for Economic Dynamics.
    4. Monika Piazzesi & Martin Schneider, 2009. "Momentum Traders in the Housing Market: Survey Evidence and a Search Model," American Economic Review, American Economic Association, vol. 99(2), pages 406-411, May.
    5. Michael Ball & Melek Cigdem & Elizabeth Taylor & Gavin Wood, 2014. "Urban Growth Boundaries and their Impact on Land Prices," Environment and Planning A, , vol. 46(12), pages 3010-3026, December.
    6. Martin Schneider & Monika Piazzesi, 2009. "Momentum traders in a search model of the housing market," 2009 Meeting Papers 1266, Society for Economic Dynamics.
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    Cited by:

    1. 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.

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