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Liquidity Imbalance in the Residential Real Estate Market

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  • Ekaterina Chernobai
  • Tarique Hossain

Abstract

This study emphasizes the importance of asset-based – as opposed to agent-based – housing liquidity measures, a house’s time on the market, and the time to buy for its buyer rather than its seller. It uses unique survey data to analyze spatial differences in the imbalance between these two measures in boom and bust markets of the 2000s. We find evidence of higher overall imbalance and its inter-ZIP code area dispersion in the booming years. Buyer search intensity diminishes the imbalance in boom and intensifies it in bust. Other revealed significant covariates have different effects under the two market conditions. Our model explains the liquidity imbalance variations on the ZIP code area level well, but not on the individual property level, highlighting the importance of regional idiosyncratic transaction dynamics.

Suggested Citation

  • Ekaterina Chernobai & Tarique Hossain, 2019. "Liquidity Imbalance in the Residential Real Estate Market," Journal of Housing Research, Taylor & Francis Journals, vol. 28(2), pages 180-207, July.
    • Handle: RePEc:taf:rjrhxx:v:28:y:2019:i:2:p:180-207
    DOI: 10.1080/10527001.2020.1776513
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