Downward nominal house price rigidity: Evidence from three centuries of data on housing transactions

By analyzing housing data from the period 1850 to 2019 in Norway, we find evidence of downward nominal house price rigidity. More specifically, we document that there is a marked fraction of repeat-sales housing transactions with a zero nominal price change and show that this fraction increases in housing market downturns. While the former result reveals a rigidity in nominal house prices, the latter suggests that the direction of it is predominantly downward.

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Year of publication:	2023
Authors:	Erlandsen, Solveig K. ; Juelsrud, Ragnar Enger
Publisher:	Oslo : Norges Bank
Subject:	House prices \| Repeat sales transaction data \| Price rigidity \| Monetary policy \| Financial crisis

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Series:	Working Paper ; 1/2023
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Working Paper
Language:	English
ISBN:	978-82-8379-257-7
Other identifiers:	1831503808 [GVK] hdl:11250/3042518 [Handle]
Classification:	R31 - Housing Supply and Markets ; E30 - Prices, Business Fluctuations, and Cycles. General ; N13 - Europe: Pre-1913 ; N14 - Europe: 1913-
Source:	EconStor

Persistent link: https://www.econbiz.de/10014551651