Mál­stofa - Sop­hia Gil­bukh, lektor við CUNY Ba­ruch Co­l­le­ge, Zickl­in School of Bus­iness flyt­ur er­indi byggt á grein sinni „New List­ing Alert: Alternati­ve Theo­ry of Hous­ing Se­arch" - 28. ág­úst 2026

Föstudaginn 28. ágúst 2026 kl. 10:00–11:00 í Sölvhóli, fundarsal Seðlabanka Íslands, Kalkofnsvegi 1 í Reykjavík. Sophia Gilbukh, lektor við CUNY Baruch College, Zicklin School of Business flytur erindi byggt á grein sinni „New Listing Alert: Alternative Theory of Housing Search" Málstofan verður á ensku. Útdráttur / abstract: This paper examines the validity of a stock-flow approach in modeling housing search. Contrary to the commonly used random search model where frictions arise from buyers’ inability to sample the entire distribution of houses, in the stock-flow model, all successful matches between buyers and sellers are realized immediately. The current stock of buyers and sellers is therefore mismatched, and both sides are waiting for the new arrivals in the market to find a successful counter party. I show that a parsimonious stock-flow model can match empirical patterns that are difficult to achieve in a random search framework. Using data of 3.3 million listings from one of the largest Multiple Listing Service platforms in the United States, I find that, consistent with the model, 1) sales are much more correlated with new listings than they are with the market inventory, 2) sale hazard rates decline after the initial period, and 3) houses that sell in the initial period are likely to sell at a premium while those that spend a long time on the market sell at a discount. Lastly, I use a sample of listings that were taken off the market at some point during the listing to corroborate the mismatch story of buyer and seller matching