Local Experiences, Search, and Spillovers in the Housing Market
研究发现，潜在购房者所在邮政编码区的近期房价涨幅会影响其搜索范围，涨幅越大则搜索范围越广，搜索时间越短，且这种效应在房主、特别是较不富裕地区的房主中更强，并进一步影响房价和房源库存。
ABSTRACT Recent local price growth explains differences in search behavior across prospective homebuyers. Those experiencing higher growth in their postcode of residence search more broadly across locations and house characteristics, without changing attention devoted to individual sales listings, and have shorter search duration. Effects are stronger for homeowners, in particular those living in less wealthy areas and looking for a new primary residence. We use reduced‐form analysis and a quantitative equilibrium model to show that the expansion of search breadth translates into widespread spillovers onto house sales prices and inventories of listings across postcodes within a metropolitan area.