Housing data from the last 25 years show that returns to residential real estate in the U.S. can be volatile and vary significantly among locations. The variations in returns are driven by economically as well as geographically and psychologically motivated factors, but so far, no asset pricing...

While true underlying home values are expected to be randomly distributed, actual residential listing prices tend to be highly clustered. Particularly, more than 75 % of the homes in our sample are associated with a round or “just below” round asking price. This study provides a theoretical...

This paper analyzes the transaction prices of green buildings assessed on the basis of multiple green factors. Our theoretical model demonstrates that the initial green premium can be negative but becomes positive as the building ages if a green building has a higher life-cycle cost and a longer...