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SUMMARY:Urban Spatial Distribution of Housing Liquidity - Francisco Amaral
  (University of Zurich)
DTSTART:20241031T123000Z
DTEND:20241031T133000Z
UID:TALK218368@talks.cam.ac.uk
CONTACT:CERF/CF Admin
DESCRIPTION:We examine the relation between location\, liquidity\, and pri
 ces in urban housing markets. Leveraging a new dataset that encompasses tr
 ansactions and advertisements of apartments in large German cities over th
 e last decade\, we empirically show  that housing market liquidity and pri
 ces jointly decline with distance to the city center. We build a spatial s
 earch model to demonstrate how travel costs to the city center explain thi
 s joint spatial distribution. We estimate the model and find that it quant
 itatively matches the data\, and that spatial liquidity differences due to
  search frictions account for a quarter of the spatial price gradient. Fin
 ally\, we conduct a counterfactual analysis\, showing that prices in the c
 ity center are 4% to 9% higher than in the periphery due to higher liquidi
 ty.
LOCATION:W2.02\, CJBS
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