Market Efficiency Test of Pre-sale and Existing House on Seoul Metropolitan Area (수도권 분양-재고주택시장의 시장효율성 분석)

Kyu-hyun Ji (지규현); Choi, Sung Ho (최성호)

Market Efficiency Test of Pre-sale and Existing House on Seoul Metropolitan Area

Korea Real Estate Review
2010, 20(2), pp.51-63
Publisher : korea real estate research institute
Research Area : Social Science > Law > Law of Special Parts > Law of Real Estate

Kyu-hyun Ji ¹, Choi, Sung Ho ²

¹한양사이버대학교
²미래에셋 부동산연구소

Accredited

ABSTRACT

This paper has the objective of measuring the price-volume relationship between the pre-sale and existing market in Seoul metropolitan area. We modified the conventional housing stock-flow model to test the relationship. Major findings are: 1) housing price work to reduce the gap between demand and supply in Gyeonggi province; however, the existing price adjusts faster than the pre-sale price; 2) in case of Seoul, pre-sale price work inefficient; and 3) the housing stock at t-1 is related to the new supply from the pre-sales market in Seoul metropolitan area; however, new supply in Gyeonggi province adjusts faster than in Seoul.

KEYWORDS

pre-sale housing market, existing housing market, market efficiency

Citation status

* References for papers published after 2023 are currently being built.

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