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A Relationship between Sales Prices of APT and Consumer Sentiment

노민지 1 Seon-Jong Yoo 2

1건국대학교 부동산학과
2건국대학교

Accredited

ABSTRACT

Since Katona’s research on consumer sentiment in 1968, many articles have demonstrated that consumer psychology index is one of the key factors in decision making. In general, internet is the main source of people’s pre-purchase information gathering. By using search engines such as Naver, researchers concluded that online search data provide an accurate but simple way to predict present and future activities. We analyzed how consumer sentiment affects on housing market trends by using data from Naver Trends, online search statistics, and KRIHS’ consumer sentiment index. Through our analysis, we can understand relation between consumer sentiment and house prices. Estimation results show that the Naver Trends, online search statistics, has positive influence on house prices in the short-run and KRIHS’ consumer sentiment index has positive influence on house prices in three months. These results would help consumers, executives and policy makers to make effective decisions on timing of housing policy.

Citation status

* References for papers published after 2022 are currently being built.