@article{ART001795096},
author={Chun Haejung},
title={An Empirical Study on the Correlation between the Housing Sales Market and Auction Market -Focused on Before and After the Global Financial Crisis-},
journal={Korea Real Estate Review},
issn={2092-5395},
year={2013},
volume={23},
number={2},
pages={117-132}
TY - JOUR
AU - Chun Haejung
TI - An Empirical Study on the Correlation between the Housing Sales Market and Auction Market -Focused on Before and After the Global Financial Crisis-
JO - Korea Real Estate Review
PY - 2013
VL - 23
IS - 2
PB - korea real estate research institute
SP - 117
EP - 132
SN - 2092-5395
AB - The present empirical study is intended to investigate the dynamic correlations between before and after the global financial crisis for the monthly data of apartment sale price index, number of action houses and successful bid price ratio in Seoul during July 2002 to March 2013.
According to the cointegration test results, there was the long-term equilibrium relationship between the variables in period 1 and period 2. A long-run equilibrium equation shows that the successful bid price ratio of Seoul apartments has negative (-) value for period 1, but positive (+) value for period 2, against the number of action houses.
According to the impulse response analysis, for unit impact of the sales price of Seoul apartments, the successful bid price ratio shows a continuous positive (+) reaction for period 1; while it shows positive (+) reaction initially, followed by negative (-) reaction, and eventually converges to zero(0) in period 2. For the unit impact of the number of auction apartments of Seoul, the successful bid price ratio shows a continuous negative (-) reaction for period 1, while continuous positive (+) reaction for period 2.
To summarize the empirical analysis results, there is a change in housing auction market as well as general housing sales market before and after the global financial crisis; the signs of the results matched between from the long-run equilibrium equation and from the impulse response.
KW - housing price;bid price ratio;number of auction;vector error-correction model
DO -
UR -
ER -
Chun Haejung. (2013). An Empirical Study on the Correlation between the Housing Sales Market and Auction Market -Focused on Before and After the Global Financial Crisis-. Korea Real Estate Review, 23(2), 117-132.
Chun Haejung. 2013, "An Empirical Study on the Correlation between the Housing Sales Market and Auction Market -Focused on Before and After the Global Financial Crisis-", Korea Real Estate Review, vol.23, no.2 pp.117-132.
Chun Haejung "An Empirical Study on the Correlation between the Housing Sales Market and Auction Market -Focused on Before and After the Global Financial Crisis-" Korea Real Estate Review 23.2 pp.117-132 (2013) : 117.
Chun Haejung. An Empirical Study on the Correlation between the Housing Sales Market and Auction Market -Focused on Before and After the Global Financial Crisis-. 2013; 23(2), 117-132.
Chun Haejung. "An Empirical Study on the Correlation between the Housing Sales Market and Auction Market -Focused on Before and After the Global Financial Crisis-" Korea Real Estate Review 23, no.2 (2013) : 117-132.
Chun Haejung. An Empirical Study on the Correlation between the Housing Sales Market and Auction Market -Focused on Before and After the Global Financial Crisis-. Korea Real Estate Review, 23(2), 117-132.
Chun Haejung. An Empirical Study on the Correlation between the Housing Sales Market and Auction Market -Focused on Before and After the Global Financial Crisis-. Korea Real Estate Review. 2013; 23(2) 117-132.
Chun Haejung. An Empirical Study on the Correlation between the Housing Sales Market and Auction Market -Focused on Before and After the Global Financial Crisis-. 2013; 23(2), 117-132.
Chun Haejung. "An Empirical Study on the Correlation between the Housing Sales Market and Auction Market -Focused on Before and After the Global Financial Crisis-" Korea Real Estate Review 23, no.2 (2013) : 117-132.
