The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Housing Markets

  • John M. Quigley
Reference work entry


The principal features that distinguish housing from other goods in the economy are its relatively high cost of supply, its durability, its heterogeneity, and its locational fixity. Of course, many other commodities exhibit one of these features. However, the interaction of these distinguishing characteristics complicates theoretical and empirical analyses of the housing market.

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© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • John M. Quigley
    • 1
  1. 1.