This chapter surveys the literature on the microstructure of housing markets. It considers one-
sided search, random matching, and directed search models. It also examines the …

The growth of the sharing economy has received increasing attention from economists.
Some researchers have examined how these new business models shape market …

Using new data on real estate listings, we provide new evidence that foreclosures have a
causal effect on nearby house prices and disentangle the effect into two sources …

Every year housing markets in the United Kingdom and the United States experience
systematic above-trend increases in prices and transactions during the spring and summer …

Housing markets experience substantial price volatility, short-term price change momentum,
and mean reversion of prices over the long run. Together, these features, particularly at their …

Housing markets clear partly through the time buyers and sellers spend on the market, and
the readiness with which they transact with each other. Applying a random matching model …

House prices exhibit substantially more momentum, positive autocorrelation in price
changes, than existing theories can explain. I introduce an amplification mechanism to …

This paper analyzes the duration of house price upturns and downturns in the last 40 years
for 19 OECD countries. Both upturns and downturns display duration dependence: they are …

We assess the ability of a standard search and matching framework to account for the
cyclical properties of key macroeconomic time series of the housing market. We calibrate a …

This paper considers the role of the asking price in housing transactions both theoretically
and empirically. Significant fractions of housing transactions involve sales prices that are …