Abstract
Fundamental purpose of this paper is to identify spatial origins of housing market unstability based on the small spatial unit. The hot-spot and cold-spot areas derived from spatial statistical techniques were considered as the origin of market unstability. For this purpose, market price data of Seoul was collected and analyzed using real transaction data. The main findings are follows. First, it was proved that the current statistical unit is too large to identify origin areas of market unstability because it contains different market price trends in the same unit of analysis. Therefore, a smaller unit of statistical area, such as the primary administration unit, is necessary to identify more accurate market trend. Second, through kernel density estimation and hotspot analysis, it was able to find the origins of market unstability in the region where transactions occur intensively. Based on these findings, this paper recommends some policy directions to utilize the market price data more effectively.
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