Competition and Market Structure in Local Real Estate Markets

Jason Beck, F. Scott, Aaron Yelowitz
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引用次数: 4

Abstract

The persistence of the standard six percent real estate sales commission across markets and over time calls into question the competitiveness of the residential real estate brokerage industry. While there is anecdotal evidence that some local real estate markets are fairly concentrated, no systematic study of market structures has been conducted. We have collected primary data on the number and market shares of real estate brokers in a variety of small, medium, and large real estate markets across the U.S. for 2007 and 2009. In addition to these cross sectional data, we have also collected longitudinal data on the size distribution of firms for Louisville, KY for a nine-year period. In our cross-sectional analysis of medium and large markets, we find no evidence that market concentration might create problems for competition. We do find that small markets on average have higher HHI’s than medium and large markets. The longitudinal analysis reveals that many small brokers are in and out of the market, selling a house or two one year and selling zero houses the next year.
地方房地产市场竞争与市场结构
住宅房地产中介业的竞争力受到质疑的原因是,在各个市场和各个时期,一直维持6%的房地产销售佣金标准。虽然坊间有证据表明,一些地方房地产市场相当集中,但尚未对市场结构进行系统研究。我们收集了2007年和2009年美国各种小型、中型和大型房地产市场中房地产经纪人的数量和市场份额的原始数据。除了这些横截面数据,我们还收集了肯塔基州路易斯维尔公司规模分布的纵向数据,为期九年。在我们对大中型市场的横断面分析中,我们没有发现市场集中度可能会给竞争带来问题的证据。我们确实发现,小型市场的平均HHI高于中型和大型市场。纵向分析显示,很多小经纪商在市场上进进出出,今年卖一到两套房子,明年就一套都卖不出去。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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