| Summary: | 碩士 === 中國文化大學 === 經濟學系 === 103 === Housing price has been one of the most important issues in real estate market. This study further discusses the prices of re-housing market and presold house market for a better understanding of their relations with the macroeconomic factors during the period of 2001-2014. The quarterly data comes from Xinyi Home Prices Indices for the re-housing market as well as Cathay Real Estate Prices Indices for the presold house market. The macroeconomic variables include M2, the rate of mortgages, and the market-share weighted stock index. We then explore the relationship between the prices of re-housing, pre-sale homes, new house and the major macro economy variables.
The empirical result shows that M2 has a significant positive effect on the price of the re-housing market, presold house market and bargaining-space index. Yet the change of M2 would not affect those prices. The market-share weighted stock index only has a significant negative effect on bargaining-space index. Its change has a positive and a negative impact upon the prices of re-housing and bargaining space index, respectively. The rate of mortgages has positively significant effects for both re-housing market and presold house market. However, its change negatively affects the bargaining-space index.
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