A Study On The Relationship Between The Price And The Impact Mechanism Of The Second - Hand Housing And The Newly - Built Commercial

In recent years, the rapid development of the realty industry is drawing widespread attention. The realty industry is not only an important part of national economy, but also closely linked with national welfare and people’s livelihood. It’s significant for both country and people. Housing price is a critical issue in the real estate market. Based on the actual situation of our country, housing price overall shows a rapid rising trend despite fluctuations from2002onwards. Sustained high price not only brings superior financial burden to people, but also has a negative impact on the healthy development and stable operation of the real estate market and may endanger other related fields. It can clearly be seen that keeping housing price stable plays a key role in promoting the long-term development of the real estate market, reducing financial risk and ensuring the normal operation of national economy and social stability.With the rapid rise of new commodity housing price, advantages of second-hand house is gradually revealing, people tend to buy second-hand house. What’s the relationship between the second-hand housing prices and new commodity housing price? Are there other factors that affect the relationship between the second-hand housing prices and new commodity housing price? Exploring above issues and coming to some conclusions are theoretically and practically significant to both healthy development of the residential market and improvement of people’s life quality.This paper starts with the continuously high housing price of our country, analyzes the second-hand housing price and new commodity housing price in35large-sized and medium-sized cities, finds that to a certain extent new commodity housing price drives second-hand housing price. At the same time, this paper also selects some macro and micro factors such as transaction price of residential land, GDP, uses analytic procedure of Panel Data, obtain the relationship between the above factors and the second-hand housing price and new commodity housing price. Among them, the second-hand housing price is positively correlated with population, GDP and transaction price of residential land, negatively correlated with completed residential area and income, and role of demand factors in housing price is greater than the supply factors. Demographic factor has greater influence on housing price in eastern cities than in Midwest cities. In addition, this paper researches price classified according to area on sub-sample of2011, obtains some interesting conclusions:the price of big-sized housing is not easily affected by external factors, the price of medium-sized and small-sized housing are likely to be influenced by the historical price, and most of the people like to choose medium-sized house. Finally, this paper gives some politic recommendations in order to promote the healthy development of the residential market according to above conclusions.