Seasonality in house prices

Florian Kajuth and Tobias Schmidt

No 2011,08, Discussion Paper Series 1: Economic Studies from Deutsche Bundesbank

Abstract: The contribution of this paper is to offer a rationale for the observed seasonal pattern in house prices. We first document seasonality in house prices for the US and the UK using formal statistical tests and illustrate its quantitative importance. In the second part of the paper we employ a standard model of dynamic optimisation with housing demand and seasonal shocks in non-durables in order to characterise seasonality in house prices as an equilibrium outcome. We provide empirical evidence for seasonality in house prices with our small model using US and UK data.

Keywords: house prices; seasonality; optimal housing consumption (search for similar items in EconPapers)
JEL-codes: D91 R21 R31 (search for similar items in EconPapers)
Date: 2011
New Economics Papers: this item is included in nep-cba and nep-ure
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:bubdp1:201108

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