Real Estate Brokers: Do they inflate housing prices? - CEREG

Annex 1 │Month of ClosingTable 6 │Displays the coefficients of the month in which the closing of sale occurred for the full sample, Lyon, and Toulouse. The curves are plotted inGraph1.Full sample Lyon ToulouseVariable Coefficient Std Error P-Value Coefficient Std Error P-Value Coefficient Std Error P-ValueFebruary -13.49 25.11 0.5911 -36.00 56.96 0.5275 70.87 70.31 0.3137March 52.39 24.85 0.035 46.07 53.12 0.3858 95.59 71.44 0.1811April 61.76 24.41 0.0114 115.89 53.06 0.0291 80.43 67.87 0.2361Mai 138.71 24.28 < 0.0001 170.26 52.82 0.0013 195.22 68.11 0.0042June 181.39 22.87 < 0.0001 209.68 48.10 < 0.0001 184.12 65.94 0.0053July 206.62 22.83 < 0.0001 192.31 47.73 < 0.0001 249.67 65.42 < 0.0001August 223.44 24.05 < 0.0001 253.11 53.76 < 0.0001 295.25 71.79 < 0.0001September 290.04 22.51 < 0.0001 242.27 47.43 < 0.0001 373.58 64.35 < 0.0001October 277.50 24.46 < 0.0001 184.12 51.85 0.0004 324.55 74.71 < 0.0001November 304.59 24.97 < 0.0001 223.83 52.60 < 0.0001 389.73 73.59 < 0.0001December 308.49 23.45 < 0.0001 273.76 49.08 < 0.0001 321.47 66.54 < 0.0001The omitted variable is January.The cities of Montpellier and Nancy do not show statistically significant differences betweenthe months of sale. The coefficients for Marseille and Strasbourg start being significant fromthe month of June and the one for Rennes from July at a 5% level. The coefficients for Lille-Roubaix-Tourcoing are significant from the month of July with the exception of May which issignificant at a 5% level. February is never significant and March is significant for the fullsample, Bordeaux, and Nantes. In all samples an increasing trend may be distinguished.Graph 1│Significant Price Surplus as a Function of the Month of Closing450400350300250200150100500Feb Mar Apr Mai Jun Jul Aug Sep Oct Nov DecGlobal sample Lyon Toulouse28