Housing, unlike other goods, has its unique characteristics in terms of heterogeneity, durability, and spatial fixity. These suggest that conventional economic concepts need to be readdressed in order to analyze the microeconomic issues of housing. In addition, a significant number of households borrow mortgages to finance their home purchases. A substantial collapse in housing prices might lead to negative equity for leveraged households and reduce their consumption and investment thereafter. The macroeconomic implication of housing market dynamics can be significant to the aggregate economy. The first part of the course focuses on microeconomic issues covering housing demand and supply analysis, models of housing and rental markets, and rationales and effects of public housing policies. The second part emphasizes the macroeconomic issues such as the stylized facts on housing market dynamics, causes and consequences of housing market fluctuations, and housing market spillovers. The objective of this course is to develop analytical framework by which students can address both the microeconomic and macroeconomic issues of housing.