House price seasonality, market activity, and the December discount

Erling Røed Larsen

Real Estate Economics, 2024, vol. 52, issue 1, 110-139

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.

Date: 2024
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