TY  - JOUR
AU  - Landvoigt, Tim
AU  - Piazzesi, Monika
AU  - Schneider, Martin
TI  - The Housing Market(s) of San Diego
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 17723
PY  - 2012
Y2  - January 2012
DO  - 10.3386/w17723
UR  - http://www.nber.org/papers/w17723
L1  - http://www.nber.org/papers/w17723.pdf
N1  - Author contact info:
Tim Landvoigt
The Wharton School
University of Pennsylvania
3620 Locust Walk
Philadelphia, PA 19104
Tel: 215/898-9749
E-Mail: timland@wharton.upenn.edu

Monika Piazzesi
Department of Economics
Stanford University
579 Jane Stanford Way
Stanford, CA 94305-6072
Tel: (650) 723-9289
E-Mail: piazzesi@stanford.edu

Martin Schneider
Department of Economics
Stanford University
579 Jane Stanford Way
Stanford, CA 94305-6072
Tel: (650) 721 6320
E-Mail: schneidr@stanford.edu
AB  - This paper uses an assignment model to understand the cross section of house prices within a metro area. Movers' demand for housing is derived from a lifecycle problem with credit market frictions. Equilibrium house prices adjust to assign houses that differ by quality to movers who differ by age, income and wealth. To quantify the model, we measure distributions of house prices, house qualities and mover characteristics from micro data on San Diego County during the 2000s boom. The main result is that cheaper credit for poor households was a major driver of prices, especially at the low end of the market.
ER  -