House price seasonality, market activity, and the December discount
利用高时间粒度交易数据，研究挪威房价在十二月的系统性下跌，通过多种方法控制异质性并探索其与市场活动的关系。
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.