"Geco" and its Potential for Real Estate Research: Evidence from the U.S. Housing Market

Ralf Hohenstatt, Manuel Käsbauer and Wolfgang Schäfers

Journal of Real Estate Research, 2011, vol. 33, issue 4, 471-506

Abstract: Google econometrics (Geco) is a powerful tool for research based on individuals rational. Following the seminal work of Ginsberg et al. (2009), this is another paper based on search query data from Google Insights for Search (I4S). Information on the home buying process is embedded in existing literature on the price-volume relationship in the housing market. The main findings are: I4S subcategories yield inferences about prices and transactions in the near future. While the "Real Estate Agency" subcategory serves as a very robust indicator of transaction volume, "Home Financing" provides interesting insights into the corresponding financing decisions. Therefore, this study seeks to improve the informational efficiency of a relatively imperfect market and is addressed to policymakers as well as real estate professionals.

Date: 2011
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DOI: 10.1080/10835547.2011.12091318

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