Segmented Housing Search

Monika Piazzesi, Martin Schneider and Johannes Stroebel

No 20823, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: We study housing markets with multiple segments searched by heterogeneous clienteles. In the San Francisco Bay Area, search activity and inventory covary negatively across cities, but positively across market segments within cities. A quantitative search model shows how the endogenous flow of broad searchers to high-inventory segments within their search ranges induces a positive relationship between inventory and search activity across segments with a large common clientele. The prevalence of broad searchers also shapes the response of housing markets to localized supply and demand shocks. Broad searchers help spread such shocks across many segments and thereby reduce their effect on local market activity.

JEL-codes: E00 G12 R30 (search for similar items in EconPapers)
Date: 2015-01
New Economics Papers: this item is included in nep-mac and nep-ure
Note: AP EFG ME PE
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (37)

Published as Monika Piazzesi & Martin Schneider & Johannes Stroebel, 2020. "Segmented Housing Search," American Economic Review, vol 110(3), pages 720-759.

Downloads: (external link)
http://www.nber.org/papers/w20823.pdf (application/pdf)

Related works:
Journal Article: Segmented Housing Search (2020)
Working Paper: Segmented Housing Search (2012)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:nbr:nberwo:20823

Ordering information: This working paper can be ordered from
http://www.nber.org/papers/w20823

Access Statistics for this paper

More papers in NBER Working Papers from National Bureau of Economic Research, Inc National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.. Contact information at EDIRC.
Bibliographic data for series maintained by ().