Behavioral changes in the housing market before and after the Covid-19 lockdown.
J Hous Econ
; 59: 101907, 2023 Mar.
Article
in English
| MEDLINE | ID: covidwho-2250001
ABSTRACT
We exploit unique Norwegian day-by-day transaction and hour-by-hour bidding logs data in order to examine how market participants reacted to the spreading news of Covid-19 in early March 2020, the lockdown on March 12, and the re-opening on April 20. We observe changes on the date of the lockdown in transaction volumes, sell-prediction spreads, exploitative bidding behavior, and seller confidence. However, when we compare observed price developments with our estimated counter-factual price developments, we find that about half of the total fall in prices had already occurred before the lockdown was implemented. The re-opening completely reverses the lockdown effect on prices. We show that voluntary behavioral changes, as well as lockdown and re-opening effects, are visible in various measures of social mobility, and that changes in daily news sentiment correlate with the abnormal price movements during this period.
Full text:
Available
Collection:
International databases
Database:
MEDLINE
Type of study:
Experimental Studies
/
Prognostic study
Language:
English
Journal:
J Hous Econ
Year:
2023
Document Type:
Article
Affiliation country:
J.jhe.2022.101907
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