Shanghai Housing Prices Factors

With the accelerated process of urbanization and rising house prices in recent years, the majority of residential households are increasingly becoming the most important form of wealth, and real estate is becoming a pillar industry in national economic system, price of urban housing affect the entire country’s macroeconomic io some extent, and price fluctuations has an important influence people’s livelihood of the entire country. Of urban housing, the most important factors in determining its price, which ultimately control these factors through changes in market prices and trend of the situation, which is the article attempts to analyze and solve problems.Issues related fields in the previous study, scholars have a more significant difference. From domestic scholars tend to supply, demand, cost, and other aspects of macro-policy implications of qualitative analysis, and foreign scholars often from the hedonic price starting the modeling, for housing prices and housing characteristics of the relationship between the price of empirical research both achieved fruitful results. The difference this approach makes the general lack of domestic micro-macro research background, the other multi-national research methods using partial equilibrium, focusing on the relationship between single factors, in the residential market price of the multi-factor research is still at the exploratory stage. In this paper, empirical data of Shanghai between2008and2011is used, through the general housing price impact of macroeconomic factors and micro factors of housing price in Shanghai. In addition to univariate analysis, the article also uses a multi-factor approach to empirical analysis of housing market in Shanghai, in partial equilibrium analysis based on a general equilibrium analysis to explore and try. Hedonic Price Analysis of the use and construction of the Shanghai housing price index to eliminate the differences in the impact of housing characteristics, but also for building the micro-macro analysis paper based.Paper Chapter1Introduction, mainly to explain the research background and research status and significance, while the main object of study and related concepts and to make definition describes the main research method and framework for the article content to do, the last major innovation of the paper points are described. Chapter2for the price difference determination theory and the residential housing market in Shanghai Overview. This chapter is divided into residential price difference macroeconomic theory and microeconomic theory of characteristics theory. Macroeconomic theory including supply and demand theory, cost-benefit theory, policy location theory, the theory focuses on the microscopic characteristics of Hedonic price model for the later theoretical basis for feature analysis. Two parts by the macro and micro factors affecting house prices at home and abroad theoretical literature review, factors affecting the classification and empirical research later provided the theoretical basis of specific methods. Shanghai residential market review part of the housing system reform through the Shanghai real estate and housing market since the birth and development process of recall, analyze and summarize the various stages of the Shanghai housing market housing prices and housing market factors affecting the overall features and price trend for later research basis in reality.Chapter3:Model by Henodic of Shanghai Housing Price Index, analyzing the different characteristics of consumers of residential property price evaluation to eliminate the heterogeneity of the different reporting periods on residential housing price fluctuations, the article provides a macro study microeconomic foundation. Chapter4:in Shanghai based on single factor of housing price fluctuations. From supply factors, demand factors, macroeconomic factors and investment in the four point set of factors were analyzed housing price in Shanghai the situation of single factors, and select the index of Shanghai under the empirical time-series regression testing. Chapter5:in Shanghai based on multiple factors of housing price fluctuations. Factors on the supply and demand factors, macroeconomic factors and investment factors selected a total of16residential principal component analysis of indicators of housing prices in Shanghai reached the main impact of macroeconomic factors, select the representative index of regression analysis and empirical. Chapter6summarizes the conclusions of this study, lack of thesis and summary of issues related to the prospects for future research.