Segmented Housing Search

• 成果类型: Article
• 署名作者: Piazzesi, Monika; Schneider, Martin; Stroebel, Johannes
• 署名单位: National Bureau of Economic Research; New York University
• 刊物名称: AMERICAN ECONOMIC REVIEW
• ISSN/ISSBN: 0002-8282
• DOI: 10.1257/aer.20141772
• 发表日期: 2020
• 页码: 720-759
• 关键词: market; DYNAMICS; liquidity; momentum; prices

摘要

We study housing markets with multiple segments searched by heterogeneous clienteles. In the San Francisco Bay Area, search activity and inventory covary negatively across cities, but positively across market segments within cities. A quantitative search model shows how the endogenous flow of broad searchers to -high-inventory segments within their search ranges induces a positive relationship between inventory and search activity across segments with a large common clientele. The prevalence of broad searchers shapes the response of housing markets to localized supply and demand shocks. Broad searchers help spread shocks across many segments and reduce their effect on local market activity.