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Replication data for: Hot and Cold Seasons in the Housing Market

Resource Type
  • Ngai, L. Rachel
  • Tenreyro, Silvana
Publication Date
  • Abstract

    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 ("hot season") and below-trend falls during the autumn and winter ("cold season"). House price seasonality poses a challenge to existing housing models. We propose a search-and-matching model with thick-market effects. In thick markets, the quality of matches increases, rising buyers' willingness to pay and sellers' desire to transact. A small, deterministic driver of seasonality can be amplified and revealed as deterministic seasonality in transactions and prices, quantitatively mimicking seasonal fluctuations in UK and US markets. (JEL C78, R21, R31)
  • Is supplement to
    DOI: 10.1257/aer.104.12.3991 (Text)
  • Ngai, L. Rachel, and Silvana Tenreyro. “Hot and Cold Seasons in the Housing Market.” American Economic Review 104, no. 12 (December 2014): 3991–4026.
    • ID: 10.1257/aer.104.12.3991 (DOI)

Update Metadata: 2020-05-18 | Issue Number: 2 | Registration Date: 2019-10-12

Ngai, L. Rachel; Tenreyro, Silvana (2014): Replication data for: Hot and Cold Seasons in the Housing Market. Version: 1. ICPSR - Interuniversity Consortium for Political and Social Research. Dataset.