주택점유형태를 고려한 소비자심리가 아파트거래량에 미치는 설명량 분석 = An analysis on the apartment transaction explained by consumer sentiment by tenure status

다국어 초록 (Multilingual Abstract)

The objective of this study is to explore the impact of consumer sentiment on apartment transaction volume by housing tenure status. In order to consider the regional differences in consumer sentiment, we have applied a hierarchical linear modeling (HLM) which allows us to conduct two-level approach; cities and counties(c-level) as well as metropolitan and megalopolis (m-level). Results show that property consumer sentiment by housing tenure status has had significant impacts on apartment transaction regarding regional level. In case of owner-occupied housing, the variables of consumers` perceived m-level housing price and future expectations toward m-level housing price showed their negative impact on housing transaction volume at the m-level. However, current perception and expectation of owners` housing price have been emerged the most highly important factors in association with apartment transaction at the c-level. In other words, housing owners tend to sell their houses when house price fell down in order to realize capital gains while owners tend to hold their houses when house price rise up in order to achieve more capital gains. In case of renter-occupied housing, both consumer sentiment index related to housing selling and apartment price index have showed negative associations with apartment transaction at the m-level. On the other hand, consumers` perceived prices and future expectations in respect of c-level apartment have had negative effect on apartment transaction volume at the c-level.