1{2 "indexed": {3 "date-parts": [4 [5 2026,6 10,7 198 ]9 ],10 "date-time": "2026-10-19T08:22:41Z",11 "timestamp": 1792398161786,12 "version": "4.4.0"13 },14 "reference-count": 27,15 "publisher": "American Economic Association",16 "issue": "12",17 "content-domain": {18 "domain": [],19 "crossmark-restriction": false20 },21 "short-container-title": [22 "American Economic Review"23 ],24 "published-print": {25 "date-parts": [26 [27 2014,28 12,29 130 ]31 ]32 },33 "abstract": "<jats:p>Every year housing markets in the United Kingdom and the United States experience systematic above-trend increases in prices and transactions during the spring and summer (“hot season”) and below-trend falls during the autumn and winter (“cold season”). House price seasonality poses a challenge to existing housing models. We propose a search-and-matching model with thick-market effects. In thick markets, the quality of matches increases, rising buyers' willingness to pay and sellers' desire to transact. 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