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作者

来源

JOURNAL OF REAL ESTATE FINANCE AND ECONOMICS,Vol.57,Issue2,P.297-313

语言

英文

关键字

Information sharing; Multiple listing service; House prices; Time on market; Probability of sale; Brokerage; RESIDENTIAL REAL-ESTATE; FREE ENTRY; BROKERAGE; TIME; COMMISSIONS; INDUSTRY; SEARCH; AGENTS; IMPACT; PRICE

作者单位

[Allen, Marcus T.] Florida Gulf Coast Univ, Lutgert Coll Business, Dept Econ & Finance, 10501 FGCU Blvd South, Ft Myers, FL 33965 USA. [Dare, William H.] Oklahoma State Univ, Spears Sch Business, Dept Finance, 700 Greenwood, Tulsa, OK 74106 USA. [Li, Lingxiao] Calif State Univ Fullerton, Mihaylo Coll Business & Econ, Dept Finance, 800 N State Coll Blvd, Fullerton, CA 92834 USA. Allen, MT (reprint author), Florida Gulf Coast Univ, Lutgert Coll Business, Dept Econ & Finance, 10501 FGCU Blvd South, Ft Myers, FL 33965 USA. E-Mail: timallen@fgcu.edu; bill.dare@okstate.edu; lingli@fullerton.edu

摘要

The primary function of Multiple Listing Services (MLS) in housing markets is to disseminate information from listing brokers to other member brokers about houses listed for sale. This study examines the impacts of MLS-member information sharing intensity on housing market outcomes, with information sharing intensity measured as the average daily number of times MLS members view an individual house's listing during its marketing period. We develop a theoretical model and derive the equilibrium. The model predicts that increased information sharing intensity leads to greater probability of sale, reduced time on market, and higher house prices. Analysis of data from 32,102 listing records validates the model's propositions. We find that a one-unit increase in the average daily number of views of a house's listing increases the probability of a successful transaction by 5.7%, increases selling price by 0.2%, and reduces marketing time by 1.6 days.