A study on the Impact of Property Consumer Sentiment on Apartment Transaction (부동산 소비심리의 아파트거래 영향력 분석)

Kim, Ji Hyun (김지현); Younyoung Choi (최윤영)

A study on the Impact of Property Consumer Sentiment on Apartment Transaction

Korea Real Estate Review
2016, 26(1), pp.7-17
Publisher : korea real estate research institute
Research Area : Social Science > Law > Law of Special Parts > Law of Real Estate
Published : March 31, 2016

Kim, Ji Hyun ¹, Younyoung Choi ¹

¹한양사이버대학교

Accredited

ABSTRACT

The purpose of this study investigates the influence of consumer sentiment on apartment transaction through Hierarchical Linear Modeling (HLM). Consumers’ perceived current housing prices and future expectations toward their housing prices were used as a consumer sentiment factor in order to explain the apartment transaction volume. Two-levels HLM was conducted in terms of cities and counties level (1-level) and metropolitan and megalopolis level (2-level). The results showed that 61.4% of apartment transaction volume was explained on 1-level. At the 1-level, the variables of consumers’ current perceived housing prices and future expectations toward their housing prices were significantly negatively associated with the apartment transaction volume. However, consumer’ perceived current housing price had a negative association with apartment transaction volume at the 2-level. In addition, future expectation toward their housing prices and consumer sentiment index had a positive association with apartment transaction volume. Therefore, this study suggests that consumer sentiment variables including consumers’ perceived current housing prices and future expectations are likely to be important factors to explain apartment transaction volume as well as an economic variable such as Consumer Price Index.

KEYWORDS

consumer sentiment, hierachical linear model (HLM, ) regional hierarchy, housing market, trade quantity of apartment

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