주택매매가격 및 전세가격과 미분양주택량의 관계성 분석

초록

Residential housing projects are core of domestic construction industry. However, recently, the housing market is going through a serious recession as many new houses remain unsold. Unsold housing stocks can pose a serious problem as it directly leads to liquidity crisis of construction companies. And yet, previous researches regard the matter merely as an indicator to foresee condition of the future housing market. In-depth research for the phenomenon of unsold housing stock is almost non-existent. This research attempts to analyze relations between housing sales (or rent) price and amount of unsold housing stocks, using VECM (Vector Error Correction Model). The analysis result shows that presence of unsold houses is related to lower sales price. However, primarily, supply-demand imbalance in housing market first lowers housing sales price before damaging house sales. Once the housing price goes down, it leads to a large amount of unsold housing stocks.

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