The housing market functions differently than other markets because it can be characterized as a heterogeneous, thinly traded, illiquid market.In other words, it's a diverse market with a wide variety of different homes of varying ages and levels of repair, and sales happen very rarely.And there's another thing that separates the housing market from other markets - the buyer is often also the seller.
#years #necessarily #researchers #approximately #differently #wide-variety #housing-market #high-levels #mortgage-rates
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