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Chain-Formation in the Owner-Occupied Housing Market

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  • Rosenthal, Leslie

Abstract

This paper examines the process by which owner-occupied housing market transactions take place. The objective is to develop a model which can reproduce the slow build-up of housing chains of connected owner-occupier sales and purchases. The approach here applies stringent discontinuous preferences over house type and location to develop a computer model which will produce these housing chains. The process derived demonstrates that existing owner-occupiers spend longer in housing market search than will first-time buyers or the sellers of new dwellings. The implication that existing owner-occupiers 'lag' in the housing market is tested on U.K. housing price data, with results that clearly support this general hypothesis. Copyright 1997 by Royal Economic Society.

Suggested Citation

  • Rosenthal, Leslie, 1997. "Chain-Formation in the Owner-Occupied Housing Market," Economic Journal, Royal Economic Society, vol. 107(441), pages 475-488, March.
    • Handle: RePEc:ecj:econjl:v:107:y:1997:i:441:p:475-88
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    2. repec:spo:wpecon:info:hdl:2441/8988 is not listed on IDEAS
    3. Gabriel Desgranges & Étienne Wasmer, 2000. "Appariements sur le marché du logement," Annals of Economics and Statistics, GENES, issue 58, pages 253-287.
    4. Elliot Anenberg & Daniel R. Ringo, 2019. "The Propagation of Demand Shocks Through Housing Markets," Finance and Economics Discussion Series 2019-084, Board of Governors of the Federal Reserve System (U.S.).
    5. Etienne Wasmer, 2005. "Housing market discrimination, housing regulations and intermediaries," Post-Print hal-01053551, HAL.
    6. Ménard, Sébastien, 2012. "Should we tax vacant dwellings? A search equilibrium model applied to the rental housing market," Economics Letters, Elsevier, vol. 117(1), pages 88-90.
    7. Espen R Moen & Plamen T Nenov & Florian Sniekers, 2021. "Buying First or Selling First in Housing Markets," Journal of the European Economic Association, European Economic Association, vol. 19(1), pages 38-81.
    8. repec:hal:wpspec:info:hdl:2441/9023 is not listed on IDEAS
    9. Garrett, Vicki & Koontz, Tomas M., 2008. "Breaking the cycle: Producer and consumer perspectives on the non-adoption of passive solar housing in the US," Energy Policy, Elsevier, vol. 36(4), pages 1551-1566, April.
    10. repec:spo:wpecon:info:hdl:2441/9023 is not listed on IDEAS
    11. repec:spo:wpmain:info:hdl:2441/9023 is not listed on IDEAS
    12. Philippe Bracke, 2021. "How Much Do Investors Pay for Houses?," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 49(S1), pages 41-73, March.
    13. Moen, Espen R. & Nenov, Plamen T., 2014. "Buying First or Selling First in Housing Markets," CEPR Discussion Papers 9946, C.E.P.R. Discussion Papers.
    14. Bramh Dev Sharma, 2014. "Residential Estate Valuation Index (REVI): A Consumer Perspective," Management and Labour Studies, XLRI Jamshedpur, School of Business Management & Human Resources, vol. 39(3), pages 365-380, August.
    15. Maury, Tristan-Pierre & Tripier, Fabien, 2014. "Search strategies on the housing market and their implications on price dispersion," Journal of Housing Economics, Elsevier, vol. 26(C), pages 55-80.
    16. Earl, Peter E., 1998. "Information, coordination and macroeconomics," Information Economics and Policy, Elsevier, vol. 10(3), pages 331-342, September.
    17. repec:hal:spmain:info:hdl:2441/8988 is not listed on IDEAS
    18. Etienne Wasmer, 2005. "Housing market discrimination, housing regulations and intermediaries," SciencePo Working papers hal-01053551, HAL.
    19. Gabriel Desgranges & Étienne Wasmer, 2000. "Appariements sur le marché du logement," Annals of Economics and Statistics, GENES, issue 58, pages 253-287.
    20. Mateja Kos Koklic & Irena Vida, 2009. "A Strategic Household Purchase: Consumer House Buying Behavior," Managing Global Transitions, University of Primorska, Faculty of Management Koper, vol. 7(1), pages 75-96.
    21. repec:hal:wpspec:info:hdl:2441/8988 is not listed on IDEAS

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