Who understands the US housing market?

Nicolas Huck (), Olivier Mesly () and Komivi Afawubo ()
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Nicolas Huck: ICN Business School, CEREFIGE - Centre Européen de Recherche en Economie Financière et Gestion des Entreprises - UL - Université de Lorraine
Olivier Mesly: ICN Business School, CEREFIGE - Centre Européen de Recherche en Economie Financière et Gestion des Entreprises - UL - Université de Lorraine
Komivi Afawubo: CEREFIGE - Centre Européen de Recherche en Economie Financière et Gestion des Entreprises - UL - Université de Lorraine

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Abstract: We perform econometrics analyses on a database retrieved from the Federal Reserve Bank of New York, named the "Survey of Consumers' Expectations" (SCE), for the period 2013–19, by which 12,857 respondents gave their impressions of the US real estate market. We add to the common list of drivers of market predictions an analysis of the extent to which the respondents misjudged the housing market for the following year. We include state-level macro-economic data, such as state income and growth, to reinforce the understanding of this phenomenon. Heterogeneous profiles emerge based on market information available to consumers.

Keywords: Real estate market; consumers’ expectations; heterogeneity; forecasting error (search for similar items in EconPapers)
Date: 2022-09-27
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Published in Applied Economics Letters, 2022, 31 (2), pp.128-131. ⟨10.1080/13504851.2022.2128174⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04783965

DOI: 10.1080/13504851.2022.2128174

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