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Hot and Cold Seasons in the Housing Market
2014
The American Economic Review
Every year during the second and third quarters (the "hot season") housing markets in the UK and the US experience systematic above-trend increases in both prices and transactions. During the fourth and first quarters (the "cold season"), house prices and transactions fall below trend. We propose a search-and-matching framework that sheds new light on the mechanisms governing housing market fluctuations. The model has a "thick-market" effect that can generate substantial differences in the
doi:10.1257/aer.104.12.3991
fatcat:kbkrbezdkvb3vbyc5ffxduswja