Network analysis of comovements among newly-built residential house price indices of seventy Chinese cities

Xiaojie Xu and Yun Zhang

International Journal of Housing Markets and Analysis, 2022, vol. 17, issue 3, 726-749

Abstract: Purpose - Understandings of house prices and their interrelationships have undoubtedly drawn a great amount of attention from various market participants. This study aims to investigate the monthly newly-built residential house price indices of seventy Chinese cities during a 10-year period spanning January 2011–December 2020 for understandings of issues related to their interdependence and synchronizations. Design/methodology/approach - Analysis here is facilitated through network analysis together with topological and hierarchical characterizations of price comovements. Findings - This study determines eight sectoral groups of cities whose house price indices are directly connected and the price synchronization within each group is higher than that at the national level, although each shows rather idiosyncratic patterns. Degrees of house price comovements are generally lower starting from 2018 at the national level and for the eight sectoral groups. Similarly, this study finds that the synchronization intensity associated with the house price index of each city generally switches to a lower level starting from early 2019. Originality/value - Results here should be of use to policy design and analysis aiming at housing market evaluations and monitoring.

Keywords: Residential house price indices; Price comovements; Network analysis; Hierarchical analysis; Synchronization analysis; Chinese market (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:eme:ijhmap:ijhma-09-2022-0134

DOI: 10.1108/IJHMA-09-2022-0134

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