Abstract
This paper estimates that COVID-19 decreases housing prices by two percent and has a large negative effect on transaction volumes in China. The dynamic analysis from event studies demonstrates that the housing price and the transaction volume in 2020 had persistently deviated from the levels in 2019. Cities with different social-distancing measures or different reopening policies experienced similar changes in housing prices. On the other hand, houses near city centers and in taller buildings have larger decreases in prices, suggesting potential changes in household preference for urban density after the pandemic. COVID-19’s effects on the housing market are likely to be driven by a larger decrease in the housing demand and a smaller decrease in the housing supply.
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