The contribution of this paper is to offer a rationale for the observed seasonal pattern in house prices. We first document seasonality in house prices for the US and the UK using formal statistical tests and illustrate its quantitative importance. In the second part of the paper we employ a...

In this paper we explore the long term movement in the housing prices in select American cities. Using the monthly S&P/Case-Shiller Home Price Indices, we look at the stability of housing prices in 14 selected large American cities. We undertake the ADF (GLS) unit root test for the index in each...