A Comparative Study of the Efficiency between Chinese and American Housing Markets—Based on the Run Test Method

Abstract

The efficiency of the housing market is an important feature to measure whether the development of the housing market is healthy. The empirical test and comparative analysis of the efficiency on the housing market in China and the US was conducted by the run test method in this paper. The results demonstrate that both Chinese and American housing market are inefficient, but overall, American market is more efficient than Chinese. Therefore, the experience of the US housing market plays an important role which contributes to the development of the Chinese housing market