Starting from the model developed in Chapter 2 , this chapter shows the quantitative effect of search and matching frictions on the house prices estimate. After identifying a frictionless housing market and using two items of housing market data (namely, the expected time-on-the-market, and the average number of trades), the chapter estimates the matching opportunities for both buyers and sellers that, in turn, crucially affect the housing prices. Eventually, a comparison of house prices between a frictionless housing market and a market with trading frictions is made.