Hot and Cold Seasons in the Housing Market
L. Rachel Ngai and
Silvana Tenreyro
American Economic Review, 2014, vol. 104, issue 12, 3991-4026
Abstract:
Every year housing markets in the United Kingdom and the United States experience systematic above-trend increases in prices and transactions during the spring and summer ("hot season") and below-trend falls during the autumn and winter ("cold season"). House price seasonality poses a challenge to existing housing models. We propose a search-and-matching model with thick-market effects. In thick markets, the quality of matches increases, rising buyers' willingness to pay and sellers' desire to transact. A small, deterministic driver of seasonality can be amplified and revealed as deterministic seasonality in transactions and prices, quantitatively mimicking seasonal fluctuations in UK and US markets. (JEL C78, R21, R31)
JEL-codes: C78 R21 R31 (search for similar items in EconPapers)
Date: 2014
Note: DOI: 10.1257/aer.104.12.3991
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (127)
Downloads: (external link)
http://www.aeaweb.org/articles.php?doi=10.1257/aer.104.12.3991 (application/pdf)
http://www.aeaweb.org/aer/app/10412/20120521_app.pdf (application/pdf)
http://www.aeaweb.org/aer/data/10412/20120521_data.zip (application/zip)
http://www.aeaweb.org/aer/ds/10412/20120521_ds.zip (application/zip)
Access to full text is restricted to AEA members and institutional subscribers.
Related works:
Working Paper: Hot and cold seasons in the housing market (2014) 
Working Paper: Hot and Cold Seasons in the Housing Market (2013) 
Working Paper: Hot and cold seasons in the housing market (2013) 
Working Paper: Hot and Cold Seasons in the Housing Market (2009) 
Working Paper: Hot and cold seasons in the housing market (2009) 
Working Paper: Hot And Cold Seasons in the Housing Market (2009) 
Working Paper: Hot and cold seasons in the housing markets (2008) 
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:aea:aecrev:v:104:y:2014:i:12:p:3991-4026
Ordering information: This journal article can be ordered from
https://www.aeaweb.org/journals/subscriptions
Access Statistics for this article
American Economic Review is currently edited by Esther Duflo
More articles in American Economic Review from American Economic Association Contact information at EDIRC.
Bibliographic data for series maintained by Michael P. Albert ().