In this paper, I quantify the effect of buyers' uncertainty about a home's quality on its pricing and liquidity. I first develop a parsimonious model of home sale in which buyers learn about the home's quality from a walkthrough and from the home's days-on-market. Quality uncertainty distorts...

We present a modified open monocentric city model that assumes that land is available for conversion into new housing throughout the city. The model predicts that positive local income shocks (i) increase the cityś share of multi-family housing in new construction and (ii) lead to the...

This study explores the relationship between income growth and housing prices in Poland's seven largest cities from 2013 to 2024. Through statistical analysis, the research reveals a strong correlation between average gross wages, and both offer and transaction prices in the real estate market,...

House-purchasing regulations have frequently been adopted by the Chinese government to cool the overheated housing market. Under-reporting of transaction prices has also been widely employed by home buyers to reduce transaction taxes. This paper suggests that by under-reporting to a greater...

In this paper, we develop a local housing stock heterogeneity measure. This measure may be used to monitor housing stock heterogeneity over time and in combination with other measures of policy interest. We illustrate the latter by looking at local housing stock heterogeneity, house price...

The housing market is one of the most important markets in any economy, constituting typically both the most important class of consumption good and the most widely held investment asset. The origin of the Great Recession in the U.S. housing market has shown the importance of linkages between...

Following the global financial crisis, many countries have introduced or tightened macroprudential policies. Using an agentbased model (ABM), this paper seeks to measure the impact on house price cycles of two distinct borrower-based macroprudential instruments, namely loan-to-income and...

The study examines housing affordability in Germany from 2017 to 2023 in light of rising real estate prices and challenges in the housing market. It uses the Housing Affordability Index to identify trends and patterns and propose policy measures to tackle the problems. The results show regional...

Individual sales prices and local vacancy rates in the housing market pose a natural analogy to the wage curve, a popular concept in labor economics that describes how individual wages decrease with higher local unemployment. While housing search and matching models and housing externalities...

We study the micro-level evolution of residential house prices using data on repeat sales on Manhattan Island from 2004 to 2015. We document that excess price comovement is a highly local and persistent phenomenon. The strength of such excess comovements vanishes with both spatial and temporal...