주택시장 변화에 대한 주택수요 반응 연구 - 공급제한적 주택시장을 중심으로

A Study of Response of Housing Demand on the Change of Housing Market - Focused on the Housing Market under Limited Housing Supply -

&nbsp;&nbsp;1. CONTENTS<BR>&nbsp;&nbsp;(1) RESEARCH OBJECTIVES<BR>&nbsp;&nbsp;This study explains the implications of market equilibria in the housing demand model and the responses of the equilibria on the change of housing market.<BR>&nbsp;&nbsp;(2) RESEARCH METHOD<BR>&nbsp;&nbsp;This study proposes a two-periods housing demand model including the housing service and the housing asset. It is analyzed how the factors such as interest, income and asset price affect the housing demand.<BR>&nbsp;&nbsp;(3) RESEARCH RESULTS<BR>&nbsp;&nbsp;In the competitive market, the equilibrium of housing demand changes according to the changes of parameters like as income, rent and interest. On the other hand, in the housing market under limited housing supply, the changes of the market parameters don&quot;t have any effects on the equilibrium.<BR>&nbsp;&nbsp;2. RESULTS<BR>&nbsp;&nbsp;This study vividly shows that a real estate policy relevant to market circumstances should be needed.