House purchasing has become an important asset allocation choice for most families in China. price fluctuation is also one of the factors that leads to systematic risks financial market, which might cause economic crises and then reduce consumption. Since China formally established dual-pillar management framework macroprudential policy 2019, it played a crucial role maintaining stability house...

I propose a stylized model of the house-selling process in which sellers possess incomplete information regarding the state of the housing market. Consistent with the data, the model generates a negative correlation between house prices and time on market. This result is robust to the presence of real estate agents with complete information. I construct a measure of homeowner perceptions of hou...