Housing price dispersion : An empirical investigation

Research output: Journal Publications and Reviews (RGC: 21, 22, 62)21_Publication in refereed journalpeer-review

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Detail(s)

Original languageEnglish
Pages (from-to)357-385
Journal / PublicationJournal of Real Estate Finance and Economics
Volume32
Issue number3
Publication statusPublished - May 2006

Abstract

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. © Springer Science + Business Media, Inc. 2006.

Research Area(s)

  • Macroeconomic factor, Price dispersion, Search models, Time aggregation

Citation Format(s)

Housing price dispersion : An empirical investigation. / Leung, Charles Ka Yui; Leong, Youngman Chun Fai; Wong, Siu Kei.

In: Journal of Real Estate Finance and Economics, Vol. 32, No. 3, 05.2006, p. 357-385.

Research output: Journal Publications and Reviews (RGC: 21, 22, 62)21_Publication in refereed journalpeer-review