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作者

N. Edward Coulson;Adele C. Morris;Helen R. Neill

来源

REAL ESTATE ECONOMICS,Vol.47,Issue3,P.784-806

语言

英文

关键字

作者单位

University of Nevada, Las Vegas;The Brookings Institution;University of Nevada, Las Vegas

摘要

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.