English, Article, Journal or magazine article edition: Housing Price Dispersion: an empirical investigation Charles Ka Yui Leung; Youngman Chun Fai Leong; Siu Kei Wong

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Bookmark: http://trove.nla.gov.au/version/72599
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Housing Price Dispersion: an empirical investigation
Author
  • Charles Ka Yui Leung
  • Youngman Chun Fai Leong
  • Siu Kei Wong
Physical Description
  • preprint
Notes
  • RePEc:chk:cuhked:_167
  • The efficiency of a market is challenged when price dispersion occurs. Previous studies focused on non-durable consumption goods. This study extends the analysis to the case of residential property, whose transactions are dominated by a second-hand market with many potential buyers and sellers. We demonstrate that housing price dispersion exists, and the degree of dispersion changes systematically with some macroeconomic factors, though the second and the third moment of the price distribution react differently to the macroeconomic variables. Some directions for future research are suggested.
  • price dispersion, search models, macroeconomic factor, time aggregation
  • RePEc:chk:cuhkdc:00012
Language
  • English
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