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CONTENTS (1) RESEARCH OBJECTIVES The purpose of this study was to analyze the effects of changes in the macroeconomic environment, demographic characteristics, and housing consumer sentiment on housing sales and to present implications. (2) RESEARCH METHOD The analysis method used the Vector Error Correction Model in consideration of the cointegration relationship between the variables as data obtained by time-series observations of macroeconomic characteristic variables, demographic changes, and housing consumer sentiment indices, which are variables used such as housing sales. (3) RESEARCH FINDINGS As a result of analysis, the influence of housing trading volume fluctuations, and housing consumption rate, and housing consumption rate, and housing consumption rate, and housing consumption rate, and economic growth index. 2. RESULTS First, as U.S. inflation has recently shown a downward trend and interest rates are expected to fall, the housing market is expected to recover, mainly in the metropolitan area, where prices have fallen significantly. Second, in the case of Seoul, housing sales are not active except in some areas with favorable development, and the overall downturn in the housing brokerage market is expected to continue. In particular, the outlook for the housing brokerage market will be positive as demand for housing in these regions increases due to the spread of telecommuting due to the transition to the era of the 4th industrial revolution. Third, it is believed that Korea's housing brokerage market, like other advanced countries such as the United States and Australia, needs to develop into a franchise-type comprehensive real estate company that includes real estate management and financial consulting along with housing brokerage.
Kim et al. (Sun,) studied this question.