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Housing Price Dispersion: an empirical investigation

Charles Leung, Youngman Chun Fai Leong and Siu Kei Wong

Discussion Papers from Chinese University of Hong Kong, Department of Economics

Abstract: The efficiency of a market is challenged when price dispersion occurs. Previous studies focused on non-durable consumption goods. This study extends the analysis to the case of residential property, whose transactions are dominated by a second-hand market with many potential buyers and sellers. We demonstrate that housing price dispersion exists, and the degree of dispersion changes systematically with some macroeconomic factors, though the second and the third moment of the price distribution react differently to the macroeconomic variables. Some directions for future research are suggested.

Keywords: price dispersion; search models; macroeconomic factor; time aggregation (search for similar items in EconPapers)
JEL-codes: C32 D61 D83 E30 R31 (search for similar items in EconPapers)
Date: 2005-07
New Economics Papers: this item is included in nep-geo, nep-sea and nep-ure
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Citations: View citations in EconPapers (2)

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Journal Article: Housing Price Dispersion: An Empirical Investigation (2006) Downloads
Working Paper: Housing Price Dispersion: An Empirical Investigation (2005) Downloads
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