Price and Trading Volume in Chinese Housing Market
It is important to understand the mechanism about the relationship between house prices and trading volume in the real estate market. The paper analyzes the housing markets in the 30 provinces (autonomous region and municipality) statistical areas in China from 2003 to 2009, treats both prices and volume as endogenous variables, studies the relationship between house prices and trading volume by using the three-stage simultaneous equation regression (3SLS) method. AT quarterly frequency, the results show that there is a statistically significant lagging positive correlation between house prices and the number of houses sold and house prices are dominant. In addition, both house prices and trading volume are affected by conditions in land market, the disposable income and their respective lagging indicator.
housing price trading volume endogeneity simultaneous equation.
Yu KONG
College of Economics, Guizhou University, Guizhou, China 550025
国际会议
2011 International Conference on Construction & Real Estate Management(2011建设与房地产管理国际会议)
广州
英文
632-635
2011-11-19（万方平台首次上网日期，不代表论文的发表时间）