This paper examines whether and how street name fluency affects housing prices using a rich sample of housing transactions in Sydney, Australia. We find street names with longer words are preferred, i.e., homes on street names with more letters are priced with a 0.6% premium. Homes with unique street names are sold 1.6% (or A$10,835) higher than those with more common names, implying disfluency and uniqueness preference. Moreover, homes with less fluent street names are valued more conditional on the street name is rare or the home is in the luxury price range. This is consistent with the consumption context effect in the psychology literature that in the context of special occasion high-end goods, lower fluency and grater uniqueness makes the products feel more desirable and valuable.

While we show disfluency preference on aggregate, we also find evidence of fluency preference by non-English speaking buyers and for new developments. Preferences for royal names or popular words proxied by Google Trends are also documented. Overall, our findings shed light on understanding how name fluency affects the investment decision of special occasion goods such as real estate.

本文使用澳大利亚悉尼的大量房屋交易样本来检验街道名称的流畅度是否以及如何影响房价。我们发现使用较长单词的街道名称是首选，即，带有较多字母的街道名称的房屋的价格要高出0.6％。具有唯一街道名称的房屋的售价比具有更普遍名称的房屋的售价高1.6％（或10,835澳元），这意味着人们对流浪汉和独特性的偏爱。此外，街道名称流利程度较低的房屋受到更多的估价，条件是街道名称稀少或房屋价格处于豪华范围内。这与心理学文献中的消费情境效应是一致的，即在特殊场合下，高端商品，较低的流利度和更独特的磨碎性使商品感觉更理想和更有价值。

虽然我们总体上显示了流利偏好，但我们也发现了非英语买家和新开发项目对流利偏好的证据。还记录了Google趋势代理使用的王室名称或常用词的首选项。总体而言，我们的发现有助于理解名称的流利度如何影响特殊场合商品（例如房地产）的投资决策。