온라인 정보검색이 지역별 주택시장에 미치는 영향에 관한 연구

A Study on the Effect of On-line Searching on the Housing Market : Focused in Seoul and the 6 Megalopolis

We investigate the effect of on-line searching on the regional housing market under the assumption that on-line searching affects differently housing price and transaction volume according to the regional housing cyclical phases. We analysis the Granger causality test and the VAR(or VEC) model using the Naver Trend s searching volume data, the Korea Apartment Transaction Price Index, and the Korea Apartment Transaction Volume data. We find that the Naver Trend s searching volume Granger causes the transaction volume, but does not Granger cause the housing price. So, we come to the conclusion as follows : After the searching volume has increased, the housing transaction volume will increase because buyers search houses on the on-line before contacting sellers. However, even if the searching volume has increased, the housing price will not increase because people does not speculative behavior. The results of the VAR(or VEC) model s impulse response analysis and variance decomposition analysis are as follows : the on-line searching volume affects positively the housing price but the effect is a little. Also the on-line searching volume affects positively the housing transaction volume but the effect is relatively greater than. In the region on the boom, the searching volume affects the housing price and transaction volume relatively greater than the effect in the region on the stable phase.