Every year during the second and thirdquarters (the hot seasonʺ) housing markets in the UK and the US experience systematic above-trend increases in both prices and transactions. During the fourth and first quarters (the cold seasonʺ), house prices and transactions fall below trend. We propose...

We provide an analysis that might help distinguish rationally justified movements in house prices from potentially non-rational movements, using a two-sector business cycle model, in which investment in housing is subject to collateral constraints. A large portion of the evolution of U.S. house...

This paper develops a model of the housing market that takes account of population density to assess the impact of population changes on the value and size of the housing stock. The model implies that if population density is on an upward trajectory, rises in population and in incomes...