Abstract
The real estate market is an indispensable part of both the national economy and the financial system. For households, housing is one of the most important consumer commodities, and a family’s finances and expenses are bound to be significantly influenced. For a country, the housing market majorly affects the growth of the GDP, so even a small fluctuation in the real estate market can lead to a subsequent impact on the economy as a whole. Therefore, it is worthwhile to take housing price forecasts into consideration. In addition, with the outbreak of COVID-19, the impact this pandemic brings to the real estate market needs to be analyzed. As a result, this research focuses on making a forecast of housing prices in Los Angeles by applying the ARIMA model and then quantifying how the COVID-19 affects housing values using time series analysis. In that case, policymakers can make more informed regulations on the real estate market, making citizens' lives easier than before.
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