Housing inventory and completion

Authors
Citation
Ne. Coulson, Housing inventory and completion, J REAL ES F, 18(1), 1999, pp. 89-105
Citations number
22
Categorie Soggetti
Economics
Journal title
JOURNAL OF REAL ESTATE FINANCE AND ECONOMICS
ISSN journal
08955638 → ACNP
Volume
18
Issue
1
Year of publication
1999
Pages
89 - 105
Database
ISI
SICI code
0895-5638(199901)18:1<89:HIAC>2.0.ZU;2-5
Abstract
The model of Hendry (1986) is extended to a vector autoregressive system, i n order to examine the sources of fluctuations in housing completions and i nventory. The time-series properties of the completion rate are examined as well as those of the accumulated inventory. Shocks to income, interest rat es, materials price, and housing price are examined. The completion rate ap pears to be more or less constant, unaffected by these shocks, so that inve ntory is evidently the control variable for builders.