아파트 실거래가 지수와 매각가율의 관계에 관한실증연구
An Empirical Analysis of the Correlation Between Apartment Transaction-based House Price Index and Auction Price Index
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This study examines the relationship between the apartment auction market and the house price index(HPI). We analyzed the transaction-based HPI of six dominant regions, Seoul, Busan, Daegu, Incheon, Gyeonggi, and Gyeongnam. These are main contributions of this study because most previous literature analyzed asking price-based HPI of limited regions such as Seoul. The result of correlation coefficient and VECM analysis showed that the HPI preceded the auction price ratio(API) but there is a regional difference. Therefore, the leading relationship of the housing auction market, which was mainly defined by the media, to the house price was found to be insignificant in both asking price-based index and transaction-based index. In Seoul, Gyeonggi, and Gyeongnam, the HPI had an effect on the API. Busan and Daegu, however, showed that increase of the API resulted in a decrease of the HPI. The reason is that HPI in Busan and Daegu continued rising, but the API has fluctuated sharply during the period.
Abstract
This study examines the relationship between the apartment auction market and the house price index(HPI). We analyzed the transaction-based HPI of six dominant regions, Seoul, Busan, Daegu, Incheon, Gyeonggi, and Gyeongnam. These are main contributions of this study because most previous literature analyzed asking price-based HPI of limited regions such as Seoul. The result of correlation coefficient and VECM analysis showed that the HPI preceded the auction price ratio(API) but there is a regional difference. Therefore, the leading relationship of the housing auction market, which was mainly defined by the media, to the house price was found to be insignificant in both asking price-based index and transaction-based index. In Seoul, Gyeonggi, and Gyeongnam, the HPI had an effect on the API. Busan and Daegu, however, showed that increase of the API resulted in a decrease of the HPI. The reason is that HPI in Busan and Daegu continued rising, but the API has fluctuated sharply during the period.
참고문헌 (14)
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