Segmented Housing Search

55 Pages Posted: 28 Dec 2014 Last revised: 29 Dec 2014

See all articles by Monika Piazzesi

Monika Piazzesi

University of Chicago - Booth School of Business; National Bureau of Economic Research (NBER)

Martin Schneider

Stanford University

Johannes Stroebel

New York University (NYU) - Leonard N. Stern School of Business; National Bureau of Economic Research (NBER); Centre for Economic Policy Research (CEPR)

Multiple version iconThere are 2 versions of this paper

Date Written: December 1, 2014

Abstract

This paper studies housing markets with multiple segments searched by heterogeneous clienteles. We document market and search activity for the San Francisco Bay Area. Variation within narrow geographic areas is large and differs significantly from variation across those areas. In particular, search activity and inventory covary positively within cities and zip codes, but negatively across those units. A quantitative search model shows how the interaction of broad and narrow searchers drives housing market activity at different levels of aggregation and shapes the response to shocks as well as price discounts due to market frictions.

Keywords: Search, Housing, Market Segmentation

Suggested Citation

Piazzesi, Monika and Schneider, Martin and Stroebel, Johannes, Segmented Housing Search (December 1, 2014). Available at SSRN: https://ssrn.com/abstract=2543267 or http://dx.doi.org/10.2139/ssrn.2543267

Monika Piazzesi

University of Chicago - Booth School of Business ( email )

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National Bureau of Economic Research (NBER) ( email )

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Martin Schneider

Stanford University ( email )

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Johannes Stroebel (Contact Author)

New York University (NYU) - Leonard N. Stern School of Business ( email )

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National Bureau of Economic Research (NBER) ( email )

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Centre for Economic Policy Research (CEPR) ( email )

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