This chapter surveys the literature on the microstructure of housing markets. It considers one-
sided search, random matching, and directed search models. It also examines the …

In this chapter, we review and discuss the large body of research that has developed over
the past 10-plus years that explores the interconnection of macroeconomics, finance, and …

The dynamics of house prices, sales, construction, and population growth in response to city-
specific income shocks are characterized for 106 US cities. A dynamic model of search in …

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 …

We study housing markets with multiple segments searched by heterogeneous clienteles. In
the San Francisco Bay Area, search activity and inventory covary negatively across cities …

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 …

In this paper, we present a directed search model of the housing market. The pricing
mechanism we analyze reflects the way houses are bought and sold in the United States …

We study the interactions among geographical mobility, unemployment, and home-
ownership in an economy with heterogeneous locations, endogenous construction, and …

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 …