The Repeat Time-On-The-Market Index

Paul Carrillo and Benjamin Williams

Working Papers from The George Washington University, Institute for International Economic Policy

Abstract: We propose two new indices that measure the evolution of housing market liquidity. The key features of both indices are a) their ability to control for unobserved heterogeneity exploiting repeat listings, b) their use of censored durations (listings that are expired and/or withdrawn from the market), and c) their computational simplicity. The first index computes proportional displacements in the home sale baseline hazard rate. The second estimates the relative change in median marketing time. The indices are computed using about 1.8 million listings in 15 US urban areas. Results suggest that both accounting for censoring and controlling for unobserved heterogeneity are key to measure housing market liquidity.

Keywords: Housing liquidity; non-parametric models; proportional hazard; repeat-sales (search for similar items in EconPapers)
JEL-codes: C41 R31 (search for similar items in EconPapers)
Pages: 41 pages
Date: 2015-03
New Economics Papers: this item is included in nep-ban and nep-ure
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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Related works:
Journal Article: The repeat time-on-the-market index (2019)
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Persistent link: https://EconPapers.repec.org/RePEc:gwi:wpaper:2015-8

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