Hedonic Analysis Of Uraban Housing Submarket

Rencently,housing price climbs up continuously,with the forming of the urban housing market in china, the housing price issue becomes the focus that the academia circle of real estate pay close attention to.The housing product, as a typical kind of heterogeneity goods, show obvious differences on housing characteristics, which compose the using value of the products. Foreign scholars often do quantitative research about the housing product attributions from the aspect of the hedonic price. But domestic scholars mainly carry on qualitative study from the supply-demand relationship, the composition of the housing price, housing policy etc. There is few quantitative research about the housing product attributions. Constructing the housing hedonic price model, calculating the implicit price of the characteristics and then analyzing the influence factors of the urban housing price are the purpose of the thesis.Based on the literature study, a brief summary is given about hedonic price model and empirical framework of hedonic model, and use of the model in the analyzing the urban housing price and the urban housing submarkets.Hedonic model is a econometric method for analysizing goods'characteristic price. Its purpose is to separatethe contribution of housing characteristic to its price. Hedonic analysis has a wide range of applications in the real estate market, but due to the heterogeneity of housing, even in the same city, there not only exists a big difference in housing prices, the implicit price will not be fixed. Therefore, taking a city as a whole, and establishing a single hedonic model to analyze the overall market, this modeling approach will undoubtedly weaken the model's explanatory power and applicability. The main factors which influence the housing price are pointed out from the aspect of the housing characteristics in this article, the following part measures the housing characteristics variables and constructs the hedonic price model. In chapter four, based on the listing data of the second-housing on the intenet, with the selected econometric model, an empirical research is given about the urban housing market in Chongqing. A statistical method is used to study the market segmentation in chapter five, according to administrative boundaries, Chongqing's housing market was divided into nine sub-market of, and hedonic analysis was carried out, and to test the existence of submarkets.The empirical research about the submarkets of the urban housing has just make the running at home, and this dissertation is an exploration research in certain meaning. The experiential research is only limited to the city of Chongqing, and the time span of samples is not too long, so the applicability and the dependability of study conclusions remain to be examined. It is can carry on more experiential research in the future from the choice and measure of characteristics variables, the comparisons of market segment method, the applications of hedonic price etc.