This study examines the time-frequency connectedness among apartment sale prices, Jeonse prices, and monthly rent prices in Seoul. Quantile time-frequency connectedness analysis is conducted using sales, Jeonse, and monthly rent price indexes from July 2010 to October 2025. The estimation results reveal that while the connectedness among markets strengthens significantly during periods of market decline and expansion, it remains relatively weak during normal market phases. Furthermore, the sales market is generally the dominant market, whereas the monthly rent market is more susceptible to influences from other markets. However, in terms of long-term connectedness during market decline and normal phases, the rental market is more dominant than the sales market. These findings suggest that the leading market among the sales, Jeonse, and monthly rent sectors can vary depending on market conditions. This finding implies that policymakers and housing market participants should make informed decisions by considering both the prevailing market regime and relevant time horizons.
Sangbae Kim (2026) studied this question.