Housing Prices and Transaction Volume

H. Cagri Akkoyun, Yavuz Arslan and Birol Kanık

Working Papers from Research and Monetary Policy Department, Central Bank of the Republic of Turkey

Abstract: We use annual, quarterly and monthly data from the US to show that the correlation between housing prices and transaction volume (number of existing houses sold) di�ers across di�erent frequencies. While the correlation is high at the low frequencies it declines to the levels close to zero at high frequencies. Granger causality tests for di�erent frequencies show the way of causality in housing market goes from transactions to housing prices. Our ?ndings provide a litmus test for the existing theories that are proposed to explain the positive correlation between transaction volume and housing prices.

JEL-codes: C1 E3 G1 (search for similar items in EconPapers)
Date: 2012
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Journal Article: Housing prices and transaction volume (2013)
Working Paper: Housing prices and transaction volume (2012)
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Persistent link: https://EconPapers.repec.org/RePEc:tcb:wpaper:1211

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