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House price seasonality, market activity, and the December discount

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  • Erling Røed Larsen

Abstract

In Norway, house prices tend to drop in December. This regularity is persistent across regions and over time. I exploit a transaction data set with high temporal granularity to document and estimate the size of the December discount. I control for a composition effect using a hedonic model and I control for unobserved heterogeneity by using repeat sales and involving ask prices and appraisal values. By segmenting into submarkets, I search for determinants of price seasonality. The evidence suggests that the December effect is linked to time‐on‐market for each unit and transaction volumes within each submarkets.

Suggested Citation

  • Erling Røed Larsen, 2024. "House price seasonality, market activity, and the December discount," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 52(1), pages 110-139, January.
    • Handle: RePEc:bla:reesec:v:52:y:2024:i:1:p:110-139
    DOI: 10.1111/1540-6229.12463
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