Is there Seasonality in Home Prices—Evidence from CBSAs

Norman Mille, Vivek Sah, Michael Sklarz and Stefan Pampulov

Journal of Housing Research, 2013, vol. 22, issue 1, 1-15

Abstract: This study detects seasonality in home prices at the Core Base Statistical Area (CBSA) level. Using a unique database of home sales from 138 CBSAs from February 2000 to April 2011, we explore if monthly home prices vary systemically and significantly. Using a hedonic pricing model to account for housing characteristics and the standard HP filter system to extract the trend and the cyclical/seasonality component of the prices, the findings indicate significant price variations during the year for most months and most markets. At the aggregate level, the monthly price changes vary from an average of -2.78% on the downside to 1.93% on the upside. Aside from weather-induced seasonality and the geographic region, we find some differences in patterns based on whether or not the CBSA is a tourist destination.

Date: 2013
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DOI: 10.1080/10835547.2013.12092066

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