This study examines how information friction shapes housing market outcomes in Beijing, China. Leveraging administrative micro-level housing resale transactions, we employ a boundary discontinuity design and difference-in-differences model to explore the consequences of prohibiting school-district-quality information disclosure in online listings. Our results show that the prohibition leads to a 2.55% reduction in transaction prices and a 22.99% increase in seller's time on the market for houses corresponding to key primary schools. The extended time on the market is primarily attributed to the heightened challenges that potential buyers face in finding their ideal dwellings.