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http://dx.doi.org/10.5804/LHIJ.2022.13.4.45

The Relationship between Apartment Price Index and Naver Trend Index  

Yoo, Han-Soo (극동대학교 미래교양대학)
Publication Information
Land and Housing Review / v.13, no.4, 2022 , pp. 45-53 More about this Journal
Abstract
This paper investigates empirically the lead-lag relation between the 'apartment price index' and 'Internet search volume'. This study uses Naver Trend Index as a proxy for Internet search volume. An increase in Internet search volume on the apartment price index indicates an increase in people's attention to an apartment. Different from previous studies exploring the relation between 'the released price index of the apartment' and 'Naver Trend Index', this study investigates the relation of the Naver Trend Index with 'the fundamental price component of an apartment' and 'the transitory price component of an apartment', respectively. The results of the Granger causality test reveal that there are bidirectional Granger causalities between the 'released price' and Naver Trend Index. In addition, the 'fundamental price component of an apartment' and Naver Trend Index have a feedback relation, while 'the transitory price component of an apartment' Granger causes the Naver Trend Index uni-directionally. The impulse response function analysis indicates that the shock of apartment prices increases Naver Trend Index in the first month. Overall, The close relationship between apartment prices and Naver Trend Index suggests that increases in the movement of apartment prices are positively associated with public attention on the apartment market.
Keywords
Apartment Price Index; Fundamental Price Component; Transitory Price Component; Naver Trend Index;
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