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- Title
Are New Homes Special?
- Authors
Coulson, N. Edward; Morris, Adele C.; Neill, Helen R.
- 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.
- Subjects
LAS Vegas (Nev.); HOME prices; HOUSE selling
- Publication
Real Estate Economics, 2019, Vol 47, Issue 3, p784
- ISSN
1080-8620
- Publication type
Article
- DOI
10.1111/1540-6229.12165