Housing prices and transaction volume
H. Cagri Akkoyun,
Yavuz Arslan () and
Journal of Housing Economics, 2013, vol. 22, issue 2, 119-134
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) differs across different 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 different frequencies show that the way of causality in housing market changes from region to region. Our findings provide a litmus test for the existing theories that are proposed to explain the positive correlation between transaction volume and housing prices.
Keywords: Housing prices; Transaction volume; Dynamic correlation; Low frequency; High frequency (search for similar items in EconPapers)
JEL-codes: G1 R2 R3 (search for similar items in EconPapers)
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Working Paper: Housing prices and transaction volume (2012)
Working Paper: Housing Prices and Transaction Volume (2012)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:jhouse:v:22:y:2013:i:2:p:119-134
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