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- Title
NETWORK ANALYSIS OF HOUSING PRICE COMOVEMENTS OF A HUNDRED CHINESE CITIES.
- Authors
Xu, Xiaojie; Zhang, Yun
- Abstract
Housing price comovements are an important issue in economics. This study focuses on monthly housing prices of 99 major cities in China for the years 2010–2019 by using correlation-based hierarchical analysis and synchronisation analysis, through which one could determine interactions and interdependence among the prices, heterogeneous patterns in price synchronisations and their changing paths over time. Empirical results show that the degree of comovements is slightly lower after March 2017 but no persistent drop is found. Several groups of cities are identified, each of which has its members showing relatively strong but volatile price synchronisations. Certain cities show potential of serving as price leaders within a group. Results here could be useful to policy analysis regarding housing price comovements.
- Subjects
CHINA; HOME prices; CITIES &; towns; MARKET leaders; PRICES; METROPOLIS
- Publication
National Institute Economic Review, 2023, Vol 264, p110
- ISSN
0027-9501
- Publication type
Article
- DOI
10.1017/nie.2021.34