| Summary: | 碩士 === 朝陽大學 === 企業管理系碩士班 === 88 === Abstract
In general, the housing market includes two sub-markets, existing and pre- sales. Statistical data reveal that the existing housing market is important in balancing housing supply and demand, enhancing residential quality,and promoting marcoeconomic prosperity. Besides, the housing price is influenced by the housing attributes, zoning, residential quality, and marcoeconomic variables etc. In viewing the difficulty of collecting the housing transaction price, most previous studies focused on the pre-sales housing market and considered only one of three sets of influential factors as mentioned above. The present study attempts to incorporate all those three sets of variables into economic analysis. It is hoped that, through such endeavor, we can have a better understanding of the existing housing market. The main objective of this study is to ascertain the important determinants of existing housing price.
The data used in this study are transaction price for existing housing from 1993 to 1998. Linear Structure Relation Model will be applied to understand the relationship between the existing house price and its six influential factors (structure, zoning, enviroment, economic, money and time). Finally, there are three conclusions from the empirical analysis.
(1) The effects of the structure, zoning, economic factors are positive on the existing house price. But the effect of the time factor is negative on the existing house price.
(2) There are positive correlations among the structure, zoning, enviroment factors. The relationship between the zoning and money factors is negative. There is no signicificant correlation between the economic and money factors. The relationship between the money and time factors is positive. But the relationship between the economic and time factor is poistive.
(3) The purchasers don’t mind the living environment is complicated and noisy or the negative influences bought by the high density of population. But they care the convenience of the living areas; they have no tendency to buy the residential areas but the multi-function living area instead. They also look for the spacious room, prefer the higher floor house with a better view. Besides, the DPI has a positive effect on existing house price, and the CPI has a negative effect on existing house price, which means that perchasers are the housing-need type instead of investment-need type.
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