Purpose

This paper aims to explain the main empirical facts of housing markets, notably the trade-off between housing price and time-on-the-market, the positive correlation between housing price and the number of contracts traded during a given period (i.e. the trading volume) and the existence of price dispersion.

Design/methodology/approach

This theoretical paper makes use of a search and matching model. Search and matching, indeed, are two fundamental characteristics of the trading process in the housing market, and, thus, the search-and-matching models have become the new economic approach to the analysis of real estate markets.

Findings

This paper shows that a slightly modified version of the baseline search and matching model à la Mortensen-Pissarides can explain the main empirical facts of housing markets. There are two key mechanisms that allow to achieve this notable goal: a simple formalisation of the (reasonable) assumption that buyers today are potential sellers tomorrow (and vice versa); and the direct relationship between market tightness and house price, derived by the standard matching model and underestimated by the related literature.

Research limitations/implications

The developed theoretical model only studies the equilibrium conditions. Indeed, it would be interesting to also study the disequilibrium in housing markets.

Practical implications

The explanation of the main empirical facts of housing markets is embodied in the same and relatively simple theoretical model.

Originality/value

In addition to the explanation of the main empirical facts of housing markets, the developed theoretical model can generate an upward sloping Beveridge curve in the housing market (the positive relation between home-seekers and vacant houses). Instead, according to a recent criticism in the related literature, a model à la Mortensen-Pissarides inherently generates a (empirically unrealistic) downward sloping Beveridge curve.

中文翻译：

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Mortensen-Pissarides 模型和房地产市场的经验事实

目的

本文旨在解释房地产市场的主要经验事实，特别是房价与上市时间之间的权衡，房价与一定时期内交易的合同数量（即交易量）之间的正相关关系。量）和价格分散的存在。

设计/方法/方法

这篇理论论文使用了搜索和匹配模型。搜索和匹配确实是房地产市场交易过程的两个基本特征，因此，搜索匹配模型已成为分析房地产市场的新经济学方法。

发现

本文表明，对 Mortensen-Pissarides 的基线搜索和匹配模型稍加修改的版本可以解释住房市场的主要经验事实。有两个关键机制可以实现这一显着目标：（合理的）假设的简单形式化，即今天的买家明天是潜在的卖家（反之亦然）；以及市场紧张度与房价的直接关系，由标准匹配模型得出，被相关文献低估。

研究限制/影响

开发的理论模型只研究平衡条件。事实上，研究住房市场的失衡也会很有趣。

实际影响

对住房市场主要经验事实的解释体现在同一个相对简单的理论模型中。

原创性/价值

除了对住房市场主要实证事实的解释外，所开发的理论模型还可以在住房市场中生成一条向上倾斜的贝弗里奇曲线（购房者与空置房屋之间的正相关关系）。相反，根据相关文献中最近的批评，Mortensen-Pissarides 的模型本质上会生成（经验上不切实际的）向下倾斜的 Beveridge 曲线。