{"title":"Local constant-quality housing market liquidity indices","authors":"Dorinth W. van Dijk","doi":"10.1016/j.regsciurbeco.2024.103997","DOIUrl":null,"url":null,"abstract":"<div><p>Market liquidity is an important aspect of housing market developments. The time on market (TOM) of sold properties is frequently used by researchers, practitioners, and policymakers as a market liquidity indicator. Compared to research on house price indices, the literature is very sparse on constructing housing market liquidity indices. This paper proposes a new method to construct constant-quality market liquidity indices based on TOM. The first contribution is that the method improves end-of-sample reliability resulting in fewer revisions. This increases the practical usefulness for business and policy purposes. The second contribution is that the applied structural time series method is designed to work in thin markets. This allows index construction at the local level.</p></div>","PeriodicalId":48196,"journal":{"name":"Regional Science and Urban Economics","volume":"106 ","pages":"Article 103997"},"PeriodicalIF":3.5000,"publicationDate":"2024-03-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Regional Science and Urban Economics","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0166046224000218","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"ECONOMICS","Score":null,"Total":0}
引用次数: 0
Abstract
Market liquidity is an important aspect of housing market developments. The time on market (TOM) of sold properties is frequently used by researchers, practitioners, and policymakers as a market liquidity indicator. Compared to research on house price indices, the literature is very sparse on constructing housing market liquidity indices. This paper proposes a new method to construct constant-quality market liquidity indices based on TOM. The first contribution is that the method improves end-of-sample reliability resulting in fewer revisions. This increases the practical usefulness for business and policy purposes. The second contribution is that the applied structural time series method is designed to work in thin markets. This allows index construction at the local level.
市场流动性是住房市场发展的一个重要方面。研究人员、从业人员和政策制定者经常使用已售房产的上市时间（TOM）作为市场流动性指标。与房价指数研究相比，有关构建住房市场流动性指数的文献非常稀少。本文提出了一种基于 TOM 构建恒定质量市场流动性指数的新方法。该方法的第一个贡献是提高了样本末可靠性，从而减少了修正次数。这增加了商业和政策目的的实用性。第二个贡献是，所应用的结构时间序列方法设计用于稀疏市场。这样就可以在地方一级构建指数。
期刊介绍：
Regional Science and Urban Economics facilitates and encourages high-quality scholarship on important issues in regional and urban economics. It publishes significant contributions that are theoretical or empirical, positive or normative. It solicits original papers with a spatial dimension that can be of interest to economists. Empirical papers studying causal mechanisms are expected to propose a convincing identification strategy.
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