The number 8, pronounced like 'prosperity,' is lucky in Chinese culture; 4, pronounced like 'death' is unlucky. Superstitious beliefs may influence asset prices if transaction participants have cultural preferences for specific numbers. We analyze the relationship between the presence of 8s and...

This paper presents a first view on the effects of COVID-19 and subsequent shutdown and re-opening orders on residential real estate markets. We use micro-level data on property transactions from a large number of multiple listing services and find moderate aggregate pricing effects in the...

Many goods are marketed after first stating a list price, with the expectation that the eventual sales price will differ. In this paper we first present a simple model of search behavior that includes the seller setting a list price. Holding constant the mean of the buyers' distribution of...

In the United States, 15 percent of households change residence in a given year. This result is based on data from the Panel Study of Income Dynamics on gross flows within and between the two segments of the housing market-renter-occupied properties and owner-occupied properties. The gross flows...

This article examines the use of concessions in the US housing market, specifically payments for closing costs, home warranties, and structural repairs. This is the first study to examine the motivations and characteristics of homeowners that utilize concessions. It also examines the impact...

We study the house price recovery in the U.S. single-family residential housing market since the outbreak of the mortgage crisis, which, in contrast to the preceding housing boom, was not accompanied by a rise in homeownership rates. Using comprehensive property-level transaction data, we show...

The recent surge in property values in China has been similar to the surge in the U.S before the crash in 2007. This raises concerns about whether China is destined to have a crash as well. We estimate similar models of property values for the two countries, in order to compare price dynamics...

This article examines the use of concessions in the US housing market, specifically payments for closing costs, home warranties, and structural repairs. This is the first study to examine the motivations and characteristics of homeowners that utilize concessions. It also examines the impact...

This paper investigates the US housing market from just before the Great Recession onward (2006–19) and assesses the viability of stock-flow matching in generating the observed outcomes. The paper documents that the probability that a house sells declines sharply after listing for two weeks....

This paper investigates the US housing market from just before the Great Recession onward (2006-19) and assesses the viability of stock-flow matching in generating the observed outcomes. The paper documents that the probability that a house sells declines sharply after listing for two weeks....