Please use this identifier to cite or link to this item: https://scholarbank.nus.edu.sg/handle/10635/223421
Title: EXAMINING PRICE DISPERSION IN PUBLIC AND PRIVATE HOUSING MARKETS
Authors: HO REN DA
Keywords: Price Volatility
HDB
RE
2019-2020 RE
Real Estate
SDE
School of Design & Environment
Seah Kiat Ying
Price Dispersion
Issue Date: 20-May-2020
Citation: HO REN DA (2020-05-20). EXAMINING PRICE DISPERSION IN PUBLIC AND PRIVATE HOUSING MARKETS. ScholarBank@NUS Repository.
Abstract: “Price Dispersion” or Cross-Sectional volatility refers to the spread of prices for the same good in the same time period and is an indication of both market inefficiency as well as heterogeneity among buyers. This phenomenon has been well studied by various economists and researchers. Using data from both the public and private housing resale market in Singapore, this study seeks to add to the literature and investigate the nature of price dispersion for a durable good such as real estate. After using hedonic regression models to control for the quality differences between housing units, the quality controlled price is then used in the subsequent analysis of price dispersion. Price dispersion is measured by the standard deviation of housing prices in the same time period. For both private and public residential housing markets, mature planning areas are seen to have a lower amount of price dispersion in general than non-mature planning areas. Also, in both markets, we observe peaks and troughs for standard deviation in the individual planning areas. However, both markets differ in that the private residential market is seen to have a higher amount of price dispersion than the public market in general. Next, when relating price dispersion to macroeconomic variables, the two most significant variables found are the resident population growth rate and the housing price index. Macroeconomic variables are also seen to be more significant for price dispersion in non-mature planning areas.
URI: https://scholarbank.nus.edu.sg/handle/10635/223421
Appears in Collections:Bachelor's Theses

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