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How homes sell matters for housing price dynamics. Auction prices forecast better, display less momentum and help … shocks to prices differently and, in light of auction and bargaining theories, suggest price momentum originates in sluggish …
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I develop a dynamic search model of the housing market in which prices, determined by auction, exhibit greater … buyer with the highest value. In hot markets, the highest values fluctuate more than the average values, making the auction …
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