This paper studies how condominium associations and cooperative boards (HOAs) shape residential sorting and racial segregation in New York City. Using novel textual data on HOA screening policies, I construct a building-level measure of HOA stringency and find that minority buyers are less likely than white buyers to purchase units with more stringent policies, conditional on affordability. Minorities who do buy in face tougher financial hurdles, often purchasing with cash or higher income. These racial disparities can be traced back to historical redlining. A residential location choice model reveal that stringent policies intensify income sorting, disproportionately burdening minority buyers.

We examine home sales in Chicago, Minneapolis, San Diego, Seattle, and Toronto during 2008–2018. Despite high stakes, sellers often list at “odd prices” — prices just below round numbers, such as $499,900. While this strategy increases demand for low-ticket consumer goods, it backfires in housing markets: odd-priced homes are 4 percentage points less likely to sell, sell for 0.7% less, and stay on market 7 days longer than round-priced counterparts.