Research On Housing Price Based On Hedonic Price Model

In recent years, the housing price question becomes one of the focuses that the people and government pay close attention to. Domestic scholars mainly carry on qualitative study from the supply-demand relationship, the composition of the housing price, housing policy etc, and there is little experiential research to study the quantitative relation between the housing characteristic and housing price. However, foreign scholars have carried out a large amount of experiential research to study real estates market by using the hedonic price theory and model. Through literature studies, we found that the researches on housing characteristic are often limited to structure characteristic, location characteristic and neighborhood characteristic of housing itself, but pay little attention to local economic, demographic characteristic etc. Sometimes it is not enough to explain the housing price without local economic and demographic characteristic especially when the comparative analysis is carried out between several different cities. It is exactly the problem that this dissertation attempts to solve.This thesis begins with the study of the affecting factors of housing price, and the research indicates these factors could be mainly divided into two classes: macro-factors and micro-factors. Macro-factors decide the common level of housing price, and the micro-factors make the housing price fluctuated up and down to the common price level. Because of this, the paper expands the meaning of housing characteristic and points out that the local economic and demographic variables should also be discussed in the housing hedonic price model. On this basis, the paper introduces housing demand characteristic into hedonic model, and builds the expanding housing hedonic model. Then, the paper carries out a research on the variables that included in the structure characteristics, location characteristic, neighborhood characteristic and demand characteristic. In the end, collecting 78 housing data in 20 cities, the paper carries on with an experiential research by using the expanding housing hedonic model.The research work of this thesis has some academic value on following several aspects. At first, the paper expands the meaning of housing characteristic and builds a new housing hedonic model, which is a useful supplement for...