Study on the Effect of “First-hand Housing Preference” in the Housing Choice of Urban Residents

Abstract

Abstract:

In China, urban residents prefer to buy new housing than second-hand housing. This paper studies the first-hand housing preference effect, using a large micro-transaction data based on the quantile regression method and the counterfactual decomposition analysis. The results show that there is an obvious first-hand housing preference effect. And the first-hand housing preference effect is the main source of the difference between the first-hand and the second-hand housing prices. With housing prices ranging from low to high, the first-hand housing preference effect degree is U-shaped. In the low-end housing (below 40% quintiles) and very high-end housing (above 90% quintiles), the first-hand housing preference effect is higher.

Key words: housing price, Hedonic price model, quantile regression, counterfactual decomposition

Huang Jing. Study on the Effect of “First-hand Housing Preference” in the Housing Choice of Urban Residents[J]. , 2017, 29(11): 41-49.

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