{
  "title": "US Housing Market during COVID-19: Aggregate and Distributional Evidence",
  "publication": "IMF Working Papers, September 25, 2020",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2020/09/25/us-housing-market-during-covid-19-aggregate-and-distributional-evidence-49775",
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  "summary": "Using zip code-level data and nonparametric estimation, I present eight stylized facts on the US housing market in the COVID-19 era.",
  "sections": [
    {
      "heading": "Methods and scope",
      "content": "- Uses zip code-level data and nonparametric estimation.\n- Presents eight stylized facts on the US housing market in the COVID-19 era.\n- Author: Yunhui Zhao; Date: September 25, 2020; Pages: 46; Series: Working Paper No. 2020/212; DOI: https://doi.org/10.5089/9781513557816.001"
    },
    {
      "heading": "Key aggregate findings",
      "content": "- Growth rate of median housing price during the four months (April-August 2020) since the Federal Reserve’s unprecedented monetary easing has accelerated faster than any four-month period in the lead-up to the 2007-09 global financial crisis.\n- The increase in housing demand in response to lower mortgage interest rates displays a structural break since March 2020 (housing demand has increased by much more than before).\n- These aggregate results indicate either the existence of “fear of missing out” or COVID-induced fundamental changes in household behavior.\n- Developments in housing price, demand, and supply since April 2020 are similar across urban, suburban, and rural areas."
    },
    {
      "heading": "Distributional evidence",
      "content": "- The increase of housing demand appears more pronounced among the two ends of the income distribution:\n  - Lower end: possibly reflecting relaxed liquidity constraints.\n  - Higher end: possibly reflecting speculative demand."
    },
    {
      "heading": "Implications and policy observations",
      "content": "- The paper highlights potential unintended consequences of COVID-fighting policies on the housing market.\n- Calls for further studies of the driving forces behind the empirical findings.\n\nIMF Working Papers: US Housing Market during COVID-19: Aggregate and Distributional Evidence, Yunhui Zhao, September 25, 2020; Working Paper No. 2020/212; Pages: 46; DOI: https://doi.org/10.5089/9781513557816.001\n\n---\n\n Content in this bundle\n\n- Working Paper\n  - Working Paper (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Working Paper (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2020/09/25/us-housing-market-during-covid-19-aggregate-and-distributional-evidence-49775"
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    "Authors: Yunhui Zhao",
    "Published: September 25, 2020",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781513557816.001",
    "Uses zip code-level data and nonparametric estimation.",
    "Presents eight stylized facts on the US housing market in the COVID-19 era.",
    "Author: Yunhui Zhao; Date: September 25, 2020; Pages: 46; Series: Working Paper No. 2020/212; DOI: https://doi.org/10.5089/9781513557816.001",
    "Growth rate of median housing price during the four months (April-August 2020) since the Federal Reserve’s unprecedented monetary easing has accelerated faster than any four-month period in the lead-up to the 2007-09 global financial crisis.",
    "The increase in housing demand in response to lower mortgage interest rates displays a structural break since March 2020 (housing demand has increased by much more than before).",
    "These aggregate results indicate either the existence of “fear of missing out” or COVID-induced fundamental changes in household behavior.",
    "Developments in housing price, demand, and supply since April 2020 are similar across urban, suburban, and rural areas.",
    "The increase of housing demand appears more pronounced among the two ends of the income distribution:",
    "The paper highlights potential unintended consequences of COVID-fighting policies on the housing market.",
    "Calls for further studies of the driving forces behind the empirical findings.",
    "**Working Paper**"
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