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Testing for Price Anomalies in Real Estate Auctions

Ashenfelter, Orley - 1992

This paper reports on the results of an auction sale of 83 condominium apartment units in New Jersey. At the auction … fetched at auction and the discount was largest for those units hammered down early in the auction. These results are … auction may have been the subject of a "winner's curse" which generated considerable profit for the seller …

Persistent link: https://www.econbiz.de/10012474944

Are Swedish House Prices Too High? Why the Price-to-Income Ratio Is a Misleading Indicator

Svensson, Lars E. O. - National Bureau of Economic Research - 2023

According to ECB (2023) and European Systemic Risk Board (2022), Swedish owner-occupied housing (OOH) was overvalued by about 55% in 2021q2, the largest overvaluation in the EU and EEA; according to European Commission (2023c), by about 30% in 2022. These assessments affect warnings and...

Persistent link: https://www.econbiz.de/10014436993

Supply Constraints do not Explain House Price and Quantity Growth Across U.S. Cities

Louie, Schuyler; Mondragon, John; Wieland, Johannes - National Bureau of Economic Research - 2025

The standard view of housing markets holds that the flexibility of local housing supply-shaped by factors like geography and regulation-strongly affects the response of house prices, house quantities and population to rising housing demand. However, from 2000 to 2020, we find that higher income...

Persistent link: https://www.econbiz.de/10015361452

Covid and Cities, Thus Far

Duranton, Gilles; Handbury, Jessie - National Bureau of Economic Research - 2023

A key reason for the existence of cities are the externalities created when people cluster together in close proximity. During Covid, such interactions came with health risks and people found other ways to interact. We document how cities changed during Covid and consider how the persistence of...

Persistent link: https://www.econbiz.de/10014250175

Housing Demand and Remote Work

Mondragon, John; Wieland, Johannes - National Bureau of Economic Research - 2022

What explains record U.S. house price growth since late 2019? We show that the shift to remote work explains over one half of the 23.8 percent national house price increase over this period. Using variation in remote work exposure across U.S. metropolitan areas we estimate that an additional...

Persistent link: https://www.econbiz.de/10013210069

The Remote Work Revolution : Impact on Real Estate Values and the Urban Environment

Nieuwerburgh, Stijn van - National Bureau of Economic Research - 2022

The covid-19 pandemic induced a major shift in the prevalence of remote and hybrid work arrangements. This article reviews the effects of this remote work revolution for residential and commercial real estate values and for the future of cities. It also discusses consequences for productivity,...

Persistent link: https://www.econbiz.de/10013462710

House Prices and Rents in the 21st Century

Loewenstein, Lara; Willen, Paul - National Bureau of Economic Research - 2023

We study the joint evolution of prices and rents of residential property. After constructing rent and price indices for renter- and owner-occupied properties, we decompose the change in the price of occupant-owned property into (1) changes in rent, (2) changes in the relative prices of investor-...

Persistent link: https://www.econbiz.de/10014247934

The Price of Housing in the United States, 1890-2006

Lyons, Ronan C.; Shertzer, Allison; Gray, Rowena; … - National Bureau of Economic Research - 2024

We construct the first consistent market rent and home sales price series for American cities across the 20th century using millions of newspaper real estate listings. Our findings revise several stylized facts about U.S. housing markets. Real market rents did not fall during the 20th century...

Persistent link: https://www.econbiz.de/10014576622

Housing Supply and Housing Affordability

Baum-Snow, Nathaniel; Duranton, Gilles - National Bureau of Economic Research - 2025

The decline in housing affordability over recent decades has promoted an enhanced interest in housing supply. This chapter presents descriptive evidence about the evolution of us housing prices, quantities, and regulations since 1980, indicating that supply constraints appear to be increasingly...

Persistent link: https://www.econbiz.de/10015398146

Heterogeneous Real Estate Agents and the Housing Cycle

Gilbukh, Sophia; Goldsmith-Pinkham, Paul - National Bureau of Economic Research - 2023

The real estate market is highly intermediated, with 90 percent of buyers and sellers hiring an agent to help them transact a house. However, low barriers to entry and fixed commission rates result in a market where inexperienced intermediaries have a large market share, especially following...

Persistent link: https://www.econbiz.de/10014372440