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Superstition in the Housing Market
by Nicole M. Fortin, Andrew J. Hill, Jeff Huang
(July 2013)
publiished in: Economic Inquiry, 2014, 52(3), 974-993.

Abstract:
We provide the first solid evidence that Chinese superstitious beliefs can have significant effects on house prices in a North American market with a large immigrant population. Using real estate data on close to 117,000 house sales, we find that houses with address number ending in four are sold at a 2.2% discount and those ending in eight are sold at a 2.5% premium in comparison to houses with other addresses. These price effects are found either in neighborhoods with a higher than average percentage of Chinese residents, consistent with cultural preferences, or in repeated transactions, consistent with speculative behavior.
Text: See Discussion Paper No. 7484