@article{ART002973169},
author={Insik Min},
title={The Impact of the Disclosure of Direct Transaction Information on Housing Sale Prices and Transaction Volume},
journal={The Korea Spatial Planning Review},
issn={1229-8638},
year={2023},
volume={117},
pages={167-179},
doi={10.15793/kspr.2023.117..008}
TY - JOUR
AU - Insik Min
TI - The Impact of the Disclosure of Direct Transaction Information on Housing Sale Prices and Transaction Volume
JO - The Korea Spatial Planning Review
PY - 2023
VL - 117
IS - null
PB - 국토연구원
SP - 167
EP - 179
SN - 1229-8638
AB - This study aims to evaluate the impact of the disclosure of direct transaction information on the sale prices and transaction volume of apartment complexes in the Seoul Capital Area (Seoul, Gyeonggi, and Incheon). Actual housing transaction data provided by the Ministry of Land, Infrastructure, and Transport (MOLIT) are used in the empirical analysis. The disclosure of direct/brokerage transaction information began from November 2021. Two transaction periods are compared in the empirical regressions: before the disclosure of direct transactions (Jan. 2019 - Sep. 2021) and after the disclosure of direct transactions (Nov. 2021- Mar. 2023). After establishing panel data for each apartment complex, we estimate the panel autoregressive model with fixed effects. When comparing estimation results before and after disclosure, it is confirmed that the first-order autoregressive coefficient is significantly smaller after closure than before. This implies that the apartment sales market is transitioning towards efficiency following the disclosure of direct transactions, thereby helping reduce market volatility.
According to the estimated panel fixed effects model, a direct transaction event at time t-1 has a short-run negative impact on the sales price at time t. Our empirical results are expected to explain the reduced price volatility observed in the housing market. Policy authorities try to improve information asymmetry in the real estate market, and through these efforts, the actual housing transaction system can contribute to rectifying housing market failures and inefficiencies
KW - Transaction;Housing Sales Price;Transaction Volume;Panel Autoregressive Model;Fixed Effects
DO - 10.15793/kspr.2023.117..008
ER -
Insik Min. (2023). The Impact of the Disclosure of Direct Transaction Information on Housing Sale Prices and Transaction Volume. The Korea Spatial Planning Review, 117, 167-179.
Insik Min. 2023, "The Impact of the Disclosure of Direct Transaction Information on Housing Sale Prices and Transaction Volume", The Korea Spatial Planning Review, vol.117, pp.167-179. Available from: doi:10.15793/kspr.2023.117..008
Insik Min "The Impact of the Disclosure of Direct Transaction Information on Housing Sale Prices and Transaction Volume" The Korea Spatial Planning Review 117 pp.167-179 (2023) : 167.
Insik Min. The Impact of the Disclosure of Direct Transaction Information on Housing Sale Prices and Transaction Volume. 2023; 117 167-179. Available from: doi:10.15793/kspr.2023.117..008
Insik Min. "The Impact of the Disclosure of Direct Transaction Information on Housing Sale Prices and Transaction Volume" The Korea Spatial Planning Review 117(2023) : 167-179.doi: 10.15793/kspr.2023.117..008
Insik Min. The Impact of the Disclosure of Direct Transaction Information on Housing Sale Prices and Transaction Volume. The Korea Spatial Planning Review, 117, 167-179. doi: 10.15793/kspr.2023.117..008
Insik Min. The Impact of the Disclosure of Direct Transaction Information on Housing Sale Prices and Transaction Volume. The Korea Spatial Planning Review. 2023; 117 167-179. doi: 10.15793/kspr.2023.117..008
Insik Min. The Impact of the Disclosure of Direct Transaction Information on Housing Sale Prices and Transaction Volume. 2023; 117 167-179. Available from: doi:10.15793/kspr.2023.117..008
Insik Min. "The Impact of the Disclosure of Direct Transaction Information on Housing Sale Prices and Transaction Volume" The Korea Spatial Planning Review 117(2023) : 167-179.doi: 10.15793/kspr.2023.117..008
