Turnover as a Measure of Demand for Existing Homes

Turnover as a Measure of Demand for Existing Homes

Changes in the turnover of existing homes are often equated with changes in housing demand, but it is not clear if, or why, this linkage exists. This paper documents the positive correlation between changes in turnover and changes in housing demand and develops a search model that explain the linkag...

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Veröffentlicht in:Real estate economics 1996-12, Vol.24 (4), p.421-440
Hauptverfasser: Berkovec, James A., Goodman Jr, John L.
Format: Artikel
Sprache:eng
Schlagworte:
Analysis
Consumption
Dependent variables
Down payments
Dwellings
House construction
Houses
Housing
Housing needs
Housing prices
Housing research
Macroeconomics
Real estate sales
Supply and demand
Variables
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Zusammenfassung:Changes in the turnover of existing homes are often equated with changes in housing demand, but it is not clear if, or why, this linkage exists. This paper documents the positive correlation between changes in turnover and changes in housing demand and develops a search model that explain the linkage. One implication of the analysis is that, for high frequency data, turnover is superior to price as an indicator of change in housing demand.
ISSN:1080-8620
1540-6229
DOI:10.1111/1540-6229.00698