We propose a life-cycle model of the housing market with a property ladder and a credit
constraint. We focus on equilibria that replicate the facts that credit constraints delay some …

This paper considers the relationship between energy-efficient design and the leasing/sales
markets for commercial real estate. An economic model is provided that considers lease …

A “hot” real estate market is one where prices are rising, average selling times are short, and
the volume of transactions is higher than the norm.“Cold” markets have the opposite …

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 …

Housing markets clear partly through the time buyers and sellers spend on the market, and
the readiness with which they transact with each other. Applying a random matching model …

During financial disruptions, market makers provide liquidity by absorbing external selling
pressure. They buy when the pressure is large, accumulate inventories, and sell when the …

This article considers why housing market conditions, including the ratio of buyers to sellers,
expected time‐to‐sale and transaction prices are sensitive to fundamentals. These high …

We assess the ability of a standard search and matching framework to account for the
cyclical properties of key macroeconomic time series of the housing market. We calibrate a …

This paper explores whether home buyers are attentive to energy costs. The cost-
effectiveness of market-based pollution policies crucially depends on whether consumers …

In stark contrast with liquid asset returns, commercial real estate idiosyncratic return means
and variances do not scale with the holding period, even after accounting for all cash flow …