Turnover as a Measure of Demand for Existing Homes
研究了现有住房周转率变化与住房需求变化之间的正相关关系，并构建搜索模型解释其关联，发现高频数据中周转率比价格更能反映需求变化。
Changes in the turnover of existing homes are often equated with changes in housing demand, but it is not clear if, or why, this linkage exists. This paper documents the positive correlation between changes in turnover and changes in housing demand and develops a search model that explain the linkage. One implication of the analysis is that, for high frequency data, turnover is superior to price as an indicator of change in housing demand.