The macroeconomic variables in the Seoul metropolitan area and local housing prices Analysis of Factors Affecting

Korea's real estate policy has been preparing real estate measures only with supply and demand. It is necessary to study the changes in real estate prices of macroscopic economic variables. This is because the real estate market is complex and affected by various external factors. Unlike previous studies, this study analyzed the effects of macroeconomic variables on apartment houses in the metropolitan area and apartment houses in the non-metropolitan area, and the results of the study using the cointegration test, Granger causal variables, and impact response analysis are as follows. In the case of houses in the metropolitan and non-metropolitan areas, the amount of money and the housing jeonse price index, which are macroscopic economic variables, are commonly affected, but there is a difference in the magnitude and timing of their influence. Mortgage interest rates and loan amounts initially had a negative effect, but it was concluded that even if interest rates and loan amounts increased over time, the actual transaction price index of houses in the metropolitan area rose. The real transaction price index of houses in the non-metropolitan area was also found to have a close effect on the mortgage interest rate and average income per household.