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영어

This study analyzed the relationships among the housing markets of Busan, Changwon, and Gimhae. To achieve this, we examined the housing market business cycles in each region to identify similarities among the three. The correlations between housing prices were analyzed using the VAR model. As a result of the analysis, housing prices in Busan, Changwon, and Gimhae showed synchronism. Impulse response analysis revealed that an increase in housing prices in Busan led to a rise in housing prices in Gimhae and Changwon, and an increase in housing prices in Gimhae also resulted in a rise in housing prices in Busan and Changwon. An increase in housing prices in Changwon led to a short-term rise in Gimhae’s housing prices and had an insignificant impact on Busan. Given the close interrelation among the housing markets of these three regions, it is essential to closely examine the markets with high correlation to develop more stable regional housing policies.