1{2 "indexed": {3 "date-parts": [4 [5 2026,6 10,7 28 ]9 ],10 "date-time": "2026-10-02T12:12:20Z",11 "timestamp": 1790943140597,12 "version": "4.1.0"13 },14 "reference-count": 17,15 "publisher": "Wiley",16 "issue": "1",17 "license": [18 {19 "start": {20 "date-parts": [21 [22 2009,23 2,24 1925 ]26 ],27 "date-time": "2009-02-19T00:00:00Z",28 "timestamp": 123500160000029 },30 "content-version": "vor",31 "delay-in-days": 0,32 "URL": "http://onlinelibrary.wiley.com/termsAndConditions#vor"33 }34 ],35 "content-domain": {36 "domain": [],37 "crossmark-restriction": false38 },39 "short-container-title": [40 "Real Estate Economics"41 ],42 "published-print": {43 "date-parts": [44 [45 2009,46 347 ]48 ]49 },50 "abstract": "<jats:p>This article considers why housing market conditions, including the ratio of buyers to sellers, expected time‐to‐sale and transaction prices are sensitive to fundamentals. These high sensitivities result from feedback: market participants optimally respond to shocks in a manner that amplifies a shock's initial impact, which in turn elicits further reinforcing responses. For example, a positive demand shock brings more buyers into a market. This improves the bargaining position of sellers, who then sell more quickly, decreasing the stock of sellers in the market. This further increases the relative number of buyers to sellers, amplifying the initial shock.</jats:p>",51 "DOI": "10.1111/j.1540-6229.2009.00232.x",52 "type": "journal-article",53 "created": {54 "date-parts": [55 [56 2009,57 2,58 1959 ]60 ],61 "date-time": "2009-02-19T11:51:12Z",62 "timestamp": 123504427200063 },64 "page": "1-22",65 "source": "Crossref",66 "is-referenced-by-count": 172,67 "title": [68 "Hot and Cold Markets"69 ],70 "prefix": "10.1111",71 "volume": "37",72 "author": [73 {74 "given": "Robert",75 "family": "Novy‐Marx",76 "sequence": "first",77 "affiliation": [],78 "role": [79 {80 "vocabulary": "crossref",81 "role": "author"82 }83 ]84 }85 ],86 "member": "311",87 "published-online": {88 "date-parts": [89 [90 2009,91 2,92 1993 ]94 ]95 },96 "reference": [97 {98 "key": "e_1_2_8_2_1",99 "doi-asserted-by": "publisher",100 "DOI": "10.1111/1540-6229.00728"101 },102 {103 "key": "e_1_2_8_3_1",104 "doi-asserted-by": "publisher",105 "DOI": "10.1016/j.jhe.2004.04.001"106 },107 {108 "key": "e_1_2_8_4_1",109 "doi-asserted-by": "publisher",110 "DOI": "10.1111/1540-6229.00790"111 },112 {113 "key": "e_1_2_8_5_1",114 "doi-asserted-by": "publisher",115 "DOI": "10.1111/1540-6229.00780"116 },117 {118 "key": "e_1_2_8_6_1",119 "doi-asserted-by": "publisher",120 "DOI": "10.2307/2297271"121 },122 {123 "key": "e_1_2_8_7_1",124 "first-page": "255",125 "article-title": "Equity and Time to Sale in the Real Estate Market",126 "volume": "87",127 "author": "Genesove D.",128 "year": "1997",129 "journal-title": "American Economic Review"130 },131 {132 "key": "e_1_2_8_8_1",133 "doi-asserted-by": "publisher",134 "DOI": "10.1111/1540-6229.00463"135 },136 {137 "key": "e_1_2_8_9_1",138 "doi-asserted-by": "publisher",139 "DOI": "10.1086/260808"140 },141 {142 "key": "e_1_2_8_10_1",143 "first-page": "14",144 "article-title": "Real Estate Liquidity",145 "author": "Krainer J.",146 "year": "1999",147 "journal-title": "Federal Reserve Board of San Francisco Economic Review"148 },149 {150 "key": "e_1_2_8_11_1",151 "first-page": "968",152 "article-title": "Property Rights and Efficiency in Mating, Racing, and Related Games",153 "volume": "75",154 "author": "Mortensen D.T.",155 "year": "1982",156 "journal-title": "American Economic Review"157 },158 {159 "key": "e_1_2_8_12_1",160 "doi-asserted-by": "publisher",161 "DOI": "10.2307/2297896"162 },163 {164 "key": "e_1_2_8_13_1",165 "first-page": "676",166 "article-title": "Unemployment, Vacancies, and Real Wages",167 "volume": "75",168 "author": "Pissarides C.A.",169 "year": "1985",170 "journal-title": "American Economic Review"171 },172 {173 "key": "e_1_2_8_14_1",174 "volume-title": "Equilibrium Unemployment Theory",175 "author": "Pissarides C.A.",176 "year": "2000"177 },178 {179 "key": "e_1_2_8_15_1",180 "doi-asserted-by": "publisher",181 "DOI": "10.2307/2118444"182 },183 {184 "key": "e_1_2_8_16_1",185 "doi-asserted-by": "publisher",186 "DOI": "10.1086/261734"187 },188 {189 "key": "e_1_2_8_17_1",190 "doi-asserted-by": "publisher",191 "DOI": "10.1093/rfs/8.1.55"192 },193 {194 "key": "e_1_2_8_18_1",195 "doi-asserted-by": "publisher",196 "DOI": "10.1111/1540-6229.00595"197 }198 ],199 "container-title": [200 "Real Estate Economics"201 ],202 "original-title": [],203 "language": "en",204 "link": [205 {206 "URL": "https://api.wiley.com/onlinelibrary/tdm/v1/articles/10.1111%2Fj.1540-6229.2009.00232.x",207 "content-type": "unspecified",208 "content-version": "vor",209 "intended-application": "text-mining"210 },211 {212 "URL": "https://onlinelibrary.wiley.com/doi/pdf/10.1111/j.1540-6229.2009.00232.x",213 "content-type": "unspecified",214 "content-version": "vor",215 "intended-application": "similarity-checking"216 }217 ],218 "deposited": {219 "date-parts": [220 [221 2023,222 10,223 12224 ]225 ],226 "date-time": "2023-10-12T23:39:13Z",227 "timestamp": 1697153953000228 },229 "score": 1,230 "resource": {231 "primary": {232 "URL": "https://onlinelibrary.wiley.com/doi/10.1111/j.1540-6229.2009.00232.x"233 }234 },235 "subtitle": [],236 "short-title": [],237 "issued": {238 "date-parts": [239 [240 2009,241 2,242 19243 ]244 ]245 },246 "references-count": 17,247 "journal-issue": {248 "issue": "1",249 "published-print": {250 "date-parts": [251 [252 2009,253 3254 ]255 ]256 }257 },258 "alternative-id": [259 "10.1111/j.1540-6229.2009.00232.x"260 ],261 "URL": "https://doi.org/10.1111/j.1540-6229.2009.00232.x",262 "archive": [263 "Portico"264 ],265 "relation": {},266 "ISSN": [267 "1080-8620",268 "1540-6229"269 ],270 "issn-type": [271 {272 "value": "1080-8620",273 "type": "print"274 },275 {276 "value": "1540-6229",277 "type": "electronic"278 }279 ],280 "subject": [],281 "published": {282 "date-parts": [283 [284 2009,285 2,286 19287 ]288 ]289 }290}