아파트 지역별 하위시장의 동적 네트워크 구조 비교: 서울, 수도권, 광역시권 및 지방을 중심으로

Abstract

· Research topics: This paper compares the dynamic network structure within the sub-market by dividing the domestic apartment market into Seoul, the capital area, the metropolitan area, and other provinces. · Research background: Unlike general housing prices that are determined individually and locally, apartments exhibit quasi-financial assets, and their price dynamics may be synchronized within the submarket. This synchronization phenomenon is compared and analyzed for the dynamic network structure through MST. · Differences from prior research: Previous studies analyzed the network structure and synchronization of housing and land markets using the MST methodology. However, unlike previous studies, this paper classifies submarkets into Seoul, the capital area, the metropolitan area, and the provinces, and compares and analyzes the dynamic network structure between apartment submarkets, including surge and plunge. · Research method: Using 511 weeks of KB weekly data from April 2013 to June 2023, we compare and analyze the dynamic network structure of the apartment market with the MST method and the dynamic asset tree of Onnela et al.(2003). · Research results: First, the four apartment sub-market network structures show different trends, with the Seoul market's MST time series appearing more dynamic, followed by the capital area, metropolitan area, and local area. Second, it is showing a correlation breakdown in the apartment sub-market, characteristically stronger in the Seoul apartment market than in the plunge, while in the capital area and other sub-markets, the market is plunging. · Contribution points and expected effects: Academically, this paper produces analysis results that the dynamic network structure is different within the apartment sub-market, and the market situation in which the correlation breakdown between sub-markets is expressed is different.