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Author
E.R. de Wit
P. Englund
M.K. Francke
Year
2013
Title
Price and transaction volume in the Dutch housing market
Journal
Regional Science and Urban Economics
Volume | Issue number
43 | 2
Pages (from-to)
220-241
Document type
Article
Faculty
Faculty of Economics and Business (FEB)
Institute
Amsterdam Business School Research Institute (ABS-RI)
Abstract
Housing markets typically exhibit a strong positive correlation between the rate of price increase and the numberof houses sold.We document this correlation on high-quality Dutch data for the period 1985-2007, and estimate a VEC-model that allows us to study the mechanism giving rise to the correlation. The data identify the flows of new houses offered for sale as well as the number of houses sold. According to the estimated model, shocks to market fundamentals (the mortgage rate) have an immediate and significant impact on the rate of sale, little impact on the rate of entry of new houses for sale, and a gradual impact on the house prices. This pattern is consistent with an economy where buyers and sellers gradually learn about changes in market conditions.
URL
go to publisher's site
Language
English
Permalink
http://hdl.handle.net/11245/1.400203

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