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作者

Paul E. Carrillo;Benjamin Williams

来源

来源 JOURNAL OF URBAN ECONOMICS,Vol.112,P.33-49

语言

英文

关键字

Non-parametric models;Proportional hazard;Repeat sales;C41;R31

作者单位

George Washington University, United States;George Washington University, United States

摘要

We propose two new indices that measure the evolution of the time it takes a home to sell or “time-on-the-market” (TOM). The key features of both indices are a) their ability to control for unobserved heterogeneity exploiting repeat listings, b) their use of censored durations (listings that are expired and/or withdrawn from the market), and c) their computational simplicity. The first index computes proportional displacements in the home sale hazard rate. The second estimates the relative change in median marketing time. The indices are computed using about 1.8 million listings in 15 US urban areas. Results suggest that it is important to account for both censoring and unobserved heterogeneity in measuring housing market liquidity.