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The Impact of Consumer Sentiment and COVID-19 on the Housing Market by Region
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소비심리와 코로나-19가 지역별 주택시장에 미치는 영향

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Type
Academic journal
Author
Chun Haejung (상명대학교)
Journal
아시아문화학술원 인문사회 21 인문사회 21 제12권 제5호 KCI Accredited Journals
Published
2021.10
Pages
3,211 - 3,220 (10page)

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The Impact of Consumer Sentiment and COVID-19 on the Housing Market by Region
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This study analyzed the impact of consumer sentiment and COVID-19 on the housing market by region using a time series analysis. The temporal range was monthly data from July 2011 to Apr. 2021, and the spatial range was set for the whole country, the metropolitan area, provinces, and Seoul. As a result of the unit root test, all variables appeared as unstable time series with unit roots, and the first log difference was performed to convert them into a stable time series. As a result of the analysis, it was found that consumer sentiment has a large positive (+) effect on housing sales prices, and it is judged that Seoul and the metropolitan area have a strong investment property that is influenced by consumer sentiment more than other regions. The positive impact of COVID-19 on the housing market is believed to be due to the overall rise in housing prices due to abundant liquidity. The implication of this study is that in Seoul and the metropolitan area, housing is a strong investment property that is strongly influenced by consumer sentiment, so it is necessary for the government to continuously monitor the housing market to establish and implement appropriate policies according to market conditions.

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