Huang Naqun, Pang Jindong, Yang Yanmin
Institute of Urban Development, Nanjing Audit University, Pukou, Nanjing, Jiangsu, 211815, China.
Economics and Management School, Wuhan University, Luojiashan, Wuhan, Hubei, 430072, China.
J Urban Econ. 2023 Jan;133:103487. doi: 10.1016/j.jue.2022.103487. Epub 2022 Jul 19.
This paper investigates the effect of COVID-19 on both housing prices and housing price gradients in China using transaction level data from 60 Chinese cities. After using a difference-in-differences (DID) specification to disentangle the confounding effects of China's annual Spring Festival, we find that housing prices decreased by two percent immediately after the COVID-19 outbreak but gradually recovered by September 2020. Moreover, our findings suggest that COVID-19 flattens the horizontal housing price gradient, reduces the price premium for living in tall buildings, and changes the vertical gradient within residential buildings. This is likely explained by the changing household preferences towards low-density areas associated with lower infection risk.
本文利用中国60个城市的交易层面数据，研究了新冠疫情对中国房价和房价梯度的影响。在使用双重差分（DID）模型来厘清中国春节的混杂效应后，我们发现，新冠疫情爆发后房价立即下跌了2%，但到2020年9月逐渐恢复。此外，我们的研究结果表明，新冠疫情使横向房价梯度趋于平缓，降低了居住在高层建筑中的价格溢价，并改变了住宅建筑内的纵向梯度。这可能是由于家庭对感染风险较低的低密度区域的偏好发生了变化。
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