Downward nominal house price rigidity: Evidence from three centuries of data on housing transactions

Solveig K. Erlandsen and Ragnar Juelsrud

Economics Letters, 2023, vol. 225, issue C

Abstract: By analyzing housing data from the period 1850 to 2019 in Norway, we find evidence of downward nominal house price rigidity. More specifically, we document that there is a marked fraction of repeat-sales housing transactions with a zero nominal price change and show that this fraction increases in housing market downturns. While the former result reveals a rigidity in nominal house prices, the latter suggests that the direction of it is predominantly downward.

Keywords: House prices; Repeat sales transaction data; Price rigidity; Monetary policy; Financial crisis (search for similar items in EconPapers)
JEL-codes: E30 N13 N14 R31 (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolet:v:225:y:2023:i:c:s0165176523000630

DOI: 10.1016/j.econlet.2023.111038

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