between prices, demand and supply. Since vacancy rates are not observable, the demand-supply mismatches are identified using a … markets when complete demand, supply and pricing data are not available. The model may also be useful when data are available …

This paper defines a measure of net housing demand or supply which allows the calculation of a long, high frequency … implies a net oversupply. Supply is defined as the available dwelling stock. Demand is calculated from the long term trend in … explanatory power of current excess demand in estimating future property returns increases with forecast horizon …

This paper estimates a dynamic microeconometric model of housing supply. The model features forward-looking landowners … construction occurs. Furthermore, results show that landowners actively "time"' the market, which reduces the elasticity of supply …