Real Estate Policy Fails to Stabilize Housing Prices, Interest Rates Key
The study used a Qualitative Vector Autoregression Model to analyze the relationship between real estate policy, macroeconomic variables, and housing prices. The results showed that price stabilization policies did not immediately affect housing prices, while supply activation policies had no significant impact. Interest rate shocks were found to lower housing prices, while construction orders increased prices. Overall, interest rates had the most significant influence on housing prices.