Are New Homes Special?
利用拉斯维加斯大量房产销售数据，检验新房相比类似二手房是否存在价格溢价，发现溢价主要出现在新房供应较少时，最高超20%，供应充足时溢价消失。
Abstract This article describes alternative ways of identifying new homes and, using a large dataset of property sales in Las Vegas, Nevada, tests for the extent to which new homes sell at a price premium relative to otherwise similar existing homes. We also investigate whether the results differ across time and location, including before and after the housing bust. Our results suggest that price premia for new homes arise primarily in circumstances in which the supply of new houses is relatively low. In some cases rising to over 20% relative to otherwise similar existing homes. When new homes are plentiful, they are not special and the premium disappears.