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

Solveig K. Erlandsen and Ragnar Juelsrud

No 2023/1, Working Paper from Norges Bank

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)
Pages: 7 pages
Date: 2023-01
New Economics Papers: this item is included in nep-his and nep-ure
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://hdl.handle.net/11250/3042518

Related works:
Journal Article: Downward nominal house price rigidity: Evidence from three centuries of data on housing transactions (2023)
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:bno:worpap:2023_1

Access Statistics for this paper

More papers in Working Paper from Norges Bank Contact information at EDIRC.
Bibliographic data for series maintained by ().