Abstract
Seasonality has been widely observed across the U.S. housing market. However, the extent that housing attributes drive these temporal fluctuations has not been extensively studied. In this research, I examine this relationship by estimating monthly varying measures of housing attributes. The estimates show that both time-varying differences in these variables and their capitalizations explain a substantial amount of the overall observed market seasonality. These results have implications for future housing market studies by showing that the aggregate seasonality is driven by specific sections of the spatial-temporal housing market instead of an overall trend impacting all homes equally.
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