This paper studies idiosyncratic price dispersion in the US housing market. We develop a new strategy to measure dispersion at the level of individual house sales. We show that idiosyncratic price dispersion is countercyclical and seasonal, and is associated with various measures of market...

Using a comprehensive dataset of housing transactions in Beijing, China, we find that government officials are more likely than non-officials to buy housing units before government-imposed housing purchase restriction policy. We find that officials use their power to speed up the loan...

This research employs data from a natural experiment to assess the effect of an improved price information shock on subsequent real estate transaction price dispersion. While transaction data in the Israeli real estate market had never been open to the public, in 2010 an Israeli court ordered...

The paper identifies neighbourhood price spillovers in the housing market. Although this concept attracted some theoretical research and is strongly supported by practitioners, it has proven very difficult to show in empirical data. By using the linear-in-means model, which is routinely applied...

Big house or small house, which one should we buy? To answer this question, we employed both mean-variance approach and stochastic dominance approach that utilizes the entire yield distribution to rank the performance of the Hong Kong housing market. While mean-variance rules cannot show a clear...

Seasonality has long been documented in the context of equity market returns, but only recently has been tested for in the residential real estate market. This paper argues, in line with the previous research in this area, that no month should, on average, demonstrate superior (or inferior)...

We study U.S. house price movements using a variance decomposition based on households’ subjective income and house price expectations over the period 1980 to 2021. Contrary to conventional wisdom from VAR-based model for rational expectations, we find that subjective income growth...

In this paper, we examine how the enforcement and collapse of a rumor affect regional housing markets in China. Specifically, we trace the rumor that Yanjiao and Dachang, two counties in Hebei province, were to be merged into Tongzhou, a county of Beijing, and quantify the bust of housing prices...

Online businesses have been surging worldwide during the past decade, especially during the recent COVID-19 epidemic. However, the market share of online real estate transactions is still limited, mainly due to the information-asymmetry problem. In this study, we manually collect data on online...

Over the first two decades of the 21st century, there has been a high correlation betweenbalance of payment measures and housing price indexes. The international finance theory hasfocused on determining the cause of this relationship. The theory has found that deregulationin credit markets,...