Research On The Mechanism Of Housing Price Differentiation

With the development of the national economy,the real estate industry has gradually become a pillar industry in the national economy and has played a major role in the country' s economic development.However,at the same time,with the booming real estate market gradually exposed some problems,on the one hand,accompanied by the acceleration of urbanization process,the increase in residential housing demand,due to the uneven match between the demand side and the supply side,the housing price fluctuation range.On the other hand,the differentiation in housing prices has become increasingly apparent.In first and second tier cities,Shenzhen,Shanghai,Beijing,and Guangzhou' s housing price growth rates in 2016 reached 62.5%,30.5%,17.6%,and 15.3%,respectively.In third-tier cities,such as Changchun,the growth rate of housing prices is-4.67%.There is a clear trend of differentiation between cities.The housing prices in the first and second-tier cities are in short supply on the following day,and house prices in the third-and fourth-tier cities do not rise and stagnate.Some cities have even fallen,and there has been a serious oversupply.Specifically,this paper attempts to study the mechanism of price differentiation among different cities.This paper proposes three mechanisms of price differentiation,namely,the differentiation of resource allocation,the differentiation of resource allocation among regions,leading to the differentiation of house prices;the regional acceleration effect,and the allocation of resources.The trend of large and medium-sized cities agglomeration,the high concentration of resources has produced an "accelerator" effect on house prices,accelerated the differentiation;time dimension effect,the difference in housing demand brought about by the population flow caused the price differentiation.In the empirical part,this article selects comprehensive indicators that can measure the allocation of resources such as science,education,culture and health,and infrastructure construction in 67 large and medium-sized cities,and comprehensively analyzes all aspects of a city,summarizing the degree of development of the financial industry,the development status of the real economy,and the public The product provides three types of comprehensive indicators and conducts empirical research on the three differentiation mechanisms proposed above.Using the panel data of 67 large and medium-sized cities from 2003 to 2016,the fixed-effect model,differential GMM,and system GMM were used to study the mechanism of price differentiation.The empirical findings are as follows:(1)The allocation of resources shows a clear differentiation trend among cities.Three aspects of resource allocation have a positive effect on housing prices,and the differentiation of resource allocation leads to price differentiation.(2)With the accumulation of resources in large and medium-sized cities and the improvement of financial development in the short term,the development of the real economy can stimulate house prices.In the system GMM,the interaction of public goods supply is significantly positive.In the long-term,inter-regional education The huge differences in public products such as medicine,the environment and the environment have accelerated the differentiation of prices.With the accumulation of public goods in large and medium-sized cities,every 1%increase in the supply of public goods will have an accelerating effect of 0.146%on price differentiation.(3)In the time dimension,the development of the real economy has provided sufficient employment opportunities for the floating population,which has significantly attracted the influx of people and led to the demand for housing.The difference in housing demand caused by the population flow has contributed to the differentiation of housing prices.