Differences in housing prices andrental prices across cities or regions and the relationship between prices andsocioeconomic fundamentals are frequent research foci in urban and real estateeconomics, but the existing studies on China's housing market rarely considerboth housing price and rent. This study provides a framework for a quantitativeanalysis of a country's housing market from the perspective of supply anddemand, and takes China's housing market as a case study. The current studyfirst explores the key factors that affect housing prices and rental pricesusing data from 202 cities and collected from 2011 to 2014. Then, theoreticalvalues of housing prices and rental prices in each city are estimated, and thespatiotemporal characteristics of deviation of housing prices and rental pricesare analysed.The empirical findings of the current study mainly reveal thefollowing three points. First, the determinants of housing prices and rental priceshave similarities. Second,the effect of above factors shows obvious spatialheterogeneity. The coefficients of the variables are different between coastaland inland regions,indicating different demand and supply elasticities acrossregions.Third,the price deviation presents significant spatial agglomeration.Cities with higher price deviations are clustered in the Yangtze River Deltaand Beijing-Tianjin-Hebei, while the price deviations are relatively mild inthe Pearl River Delta region.
Zhou,Xiaoping,Qin,Zhenyang,Zhang,Yingjie,Zhao,Linyi,Song,Yan.QuantitativeEstimation and Spatiotemporal Characteristic Analysis of Price Deviation inChina's Housing Market[J] Sustainability, 2019, 12.