Analysis Of The Factors Affecting The Real Estate Prices In China

Real estate prices play an important role in the development and stability of the society.Since the reform and opening up,real estate has become the pillar industry of China’s national economic development,which has played an irreplaceable significance to the economic growth.But at present,affected by many factors,China’s real estate prices continue to rise,and the residents’ income highly mismatch,thus derived a series of "housing difficult","difficult to buy" social problems,more and more "90" even because of purchase pressure and "late marriage","late education",the social stability and the serious impact on sustainable development.In recent years,the state has repeatedly issued relevant policies for the control of real estate prices,and "housing without speculation" has become an important indicator of the current macrodevelopment of the real estate industry and real estate price regulation.However,in fact,under the introduction of a number of national high-pressure policies,China’s real estate price seems not to have been affected,and there are still a large number of urban real estate prices rising repeatedly.In essence,the influencing factors of real estate price are not only the "supply and demand" factor.For China’s social background and national conditions,the influencing factors of real estate price are diversified.Based on the theoretical basis of macro-regulation theory and supply demand theory,the main component analysis and study the correlation between the influencing factors and the real estate price,order the size of the influencing factors on the real estate price,obtain the specific factors of the real estate price,and put forward relevant countermeasures and suggestions.The study found that the influencing factors of real estate prices mainly include supply and demand factors.Among them,the supply factors include policy factors,cost factors,and market factors;the demand factors include urban development,savings,loan,and population structure.Empirical results show that:(1)The principal component analysis results point out that policy factors have the greatest impact on real estate prices,followed by cost factors,savings and loan factors,market factors and urban/economic development factors.(2)ranked first according to gray correlation analysis results,cost factors ranked second;savings and loan factors,fourth market factors,urban/economic development factors ranked fifth;(3)according to the results of vector autoregression model,the variables on real estate price ranked:first policy factors and savings and loan factors,second cost factors,third market factors,fourth city/economic development factors.