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The Repeat Time-On-The-Market Index

Listed author(s):
  • Paul E. Carrillo

    ()

    (Department of Economics/Institute for International Economic Policy, George Washington University)

  • Benjamin Williams

    ()

    (Department of Economics/Institute for International Economic Policy, George Washington University)

We propose two new indices that measure the evolution of housing market liquidity. The key features of both indices are a) their ability to control for unobserved heterogeneity exploiting repeat listings, b) their use of censored durations (listings that are expired and/or withdrawn from the market), and c) their computational simplicity. The first index computes proportional displacements in the home sale baseline hazard rate. The second estimates the relative change in median marketing time. The indices are computed using about 1.8 million listings in 15 US urban areas. Results suggest that both accounting for censoring and controlling for unobserved heterogeneity are key to measure housing market liquidity.

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File URL: http://www.gwu.edu/~iiep/assets/docs/papers/2015WP/PaulCarrilloIIEPWP20158.pdf
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Paper provided by The George Washington University, Institute for International Economic Policy in its series Working Papers with number 2015-8.

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Length: 41 pages
Date of creation: Mar 2015
Handle: RePEc:gwi:wpaper:2015-8
Contact details of provider: Web page: http://www.gwu.edu/~iiep/
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  1. Heckman, James & Singer, Burton, 1984. "A Method for Minimizing the Impact of Distributional Assumptions in Econometric Models for Duration Data," Econometrica, Econometric Society, vol. 52(2), pages 271-320, March.
  2. DiNardo, John & Fortin, Nicole M & Lemieux, Thomas, 1996. "Labor Market Institutions and the Distribution of Wages, 1973-1992: A Semiparametric Approach," Econometrica, Econometric Society, vol. 64(5), pages 1001-1044, September.
  3. Carrillo, Paul E. & Pope, Jaren C., 2012. "Are homes hot or cold potatoes? The distribution of marketing time in the housing market," Regional Science and Urban Economics, Elsevier, vol. 42(1-2), pages 189-197.
  4. Heckman, James J & Borjas, George J, 1980. "Does Unemployment Cause Future Unemployment? Definitions, Questions and Answers from a Continuous Time Model of Heterogeneity and State Dependence," Economica, London School of Economics and Political Science, vol. 47(187), pages 247-283, August.
  5. Paul E. Carrillo, 2012. "An Empirical Stationary Equilibrium Search Model Of The Housing Market," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 53(1), pages 203-234, 02.
  6. Stuart S. Rosenthal, 2014. "Are Private Markets and Filtering a Viable Source of Low-Income Housing? Estimates from a "Repeat Income" Model," American Economic Review, American Economic Association, vol. 104(2), pages 687-706, February.
  7. Gonul, F. & Srinivasan, K., 1993. "Consumer Purchase Behavior in a frequently Bought Product Category: Estimation Issues and Managerial Insights from a Hazard Function Model with Heterogeneity," University of Chicago - Economics Research Center 93-1, Chicago - Economics Research Center.
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