Research On Housing Characteristic Price Of Kunming City Based On Spatial Econometric Model

With the deepening of urban housing system reform, the extent of the real estate market in C hina has gradually deepened. Real estate industry has gradually become the important pillar industry of national economy in our country, the pulling effect to the national economy growing, almost have the effect of "single point" in the whole national economy. Buying House has become the focus of people’s life nowadays. ―Housing price‖ has become a hot topic and the problem that the developers and government concerning. Housing price, whose influence factor has been the focus of the industry theory and empirical research, is not only the focus in academic circles of real estate, but also the hot spot in the practice of real estate. In addition, commercial property, which has spatiality that got more and more attention from scholars, is a special commodity. The idea that location is important in real estate economics is not new. However, the spatial dimension of real estate data is not always taken into account in traditional real estate models. Spatial econometrics is a tool that could remedy this problem. Therefore, analyzing factors influencing housing price accurately which means using the suitable hedonic model is important for the development of the regional commercial housing market in our country. The objective of this paper is to review spatial models and apply them to typical hedonic real estate data. Using techniques of spatial econometrics in empirical regression in this paper, the author examines the spatial effect and influence factors in the average price of Kunming house-sale market.In this paper, firstly, the author briefly analyzes the research background including the national real estate market and the housing market of Kunming, so as to put forward the research objective and significance, research ideas and design. Then, the author collects a large number of relevant research concerning this paper’s studies, including the domestic and foreign research on hedonic price and spatiality, and summarizes them coming into being literature review. By collating predecessors’ research to understand the theory and method to solve the problem, then, the author introduces the hedonic price theory and spatial econometrics theory. With the support of these theory, then the key part of empirical study. The data derives from commercial housing transaction data of 27 residential area in Kunming from January to October 2014. Firstly, conducting the analysis of the traditional model. Secondly, analyzing the spatial correlation existing in housing prices by applying Moran’s index. The results show that significant spatial effects exist in housing prices. Thirdly, applying the spatial autoregressive model and spatial error model for regression analysis data. Fourthly, comparing the suitability of the models and selecting the optimal model for regression analysis under different spatial weight matrix. Indeed, there is spatial correlation in K unming residential area of commercial housing prices.The traditional hedonic price mode l can’t estimate characteristic price reasonably, while the spatial econometric model can improve the fitting effect. Accordingly, spatial econometric models improve the effectiveness and robustness of the hedonic price model. After the comparison,the SAR model is more suitable for the research of K unming housing characteristics, and the weight matrix defined as the inverse distance is regarded as qualified spatial matrix to the spatial econometrics. Finally, based on the foregoing analysis,the author draws some conclusions and puts forward policy suggestions, and points out the shortcomings of this study as well.