Local Experiences, Search, and Spillovers in the Housing Market

• 成果类型: Article
• 署名作者: Gargano, Antonio; Giacoletti, Marco; Jarnecic, Elvis
• 署名单位: University of Houston System; University of Houston; University of Melbourne; University of Southern California; University of Sydney; University of Southern California
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/jofi.13208
• 发表日期: 2023
• 页码: 1015-1053
• 关键词: prices; DYNAMICS; demand

摘要

Recent local price growth explains differences in search behavior across prospective homebuyers. Those experiencing higher growth in their postcode of residence search more broadly across locations and house characteristics, without changing attention devoted to individual sales listings, and have shorter search duration. Effects are stronger for homeowners, in particular those living in less wealthy areas and looking for a new primary residence. We use reduced-form analysis and a quantitative equilibrium model to show that the expansion of search breadth translates into widespread spillovers onto house sales prices and inventories of listings across postcodes within a metropolitan area.