Case, Karl E.; Shiller, Robert J. - 2021
/Oakland for 1970-86. While evidence for seasonality in real housing prices is weak, we do find some evidence of inertia in housing … prices. A city-wide real log price index change in a given year tends to be followed by a city-wide real log price index … inertia cannot account for much of the variation in individual housing real price changes. There is so much noise in …