To read this content please select one of the options below:

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

Xiaojie Xu (North Carolina State University, Raleigh, North Carolina, USA)
Yun Zhang (North Carolina State University, Raleigh, North Carolina, USA)

International Journal of Housing Markets and Analysis

ISSN: 1753-8270

Article publication date: 19 December 2022

11

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

Citation

Xu, X. and Zhang, Y. (2022), "Network analysis of comovements among newly-built residential house price indices of seventy Chinese cities", International Journal of Housing Markets and Analysis, Vol. ahead-of-print No. ahead-of-print. https://doi.org/10.1108/IJHMA-09-2022-0134

Publisher

:

Emerald Publishing Limited

Copyright © 2022, Emerald Publishing Limited

Related articles