The Honeycomb Cycle in Real Estate

Jos Janssen, Bert Kruijt and Barrie Needham
Additional contact information
Jos Janssen: Dutch Association for Real Estate Agents (NVM) Fakkelstede 1 PO Box 2000 3430 DC Nieuwegein The Netherlands, http://www1.nvm.nl//portaal.htm
Bert Kruijt: Department of Construction and Real Estate Economics University of Amsterdam 1018 WB Amsterdam The Netherlands, http://www.uva.nl/english/
Barrie Needham: Department of Pysical Planning University of Nijmegen PO Box 9108 6500 HK Nijmegen The Netherlands, http://www.kun.nl/english.html

Journal of Real Estate Research, 1994, vol. 9, issue 2, pages 237-252

Abstract: A change in market conditions can trigger a cyclical response in the housing market, a cycle in both prices and number of transactions. This is caused not only by production lags but also by the reactions of buyers and sellers. The fact that many buyers are also sellers, and vice versa, has a special effect on this cycle. In this paper a theory of this cycle in prices and transactions is developed and empirically tested. It is found that volume changes are much more closely related statistically to changes in market conditions that are price changes. A clear cycle is found in two of the four towns studied.

JEL-codes: L85 (search for similar items in EconPapers)
Date: 1994
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