This study examines how the relationships among housing prices, transactions, sentiment, unsold units and macro-financial variables have changed across major shocks in Korea, including the global financial crisis, the savings bank crisis, COVlD-19 and...
This study examines how the relationships among housing prices, transactions, sentiment, unsold units and macro-financial variables have changed across major shocks in Korea, including the global financial crisis, the savings bank crisis, COVlD-19 and the recent PF distress. Using monthly data from 2007-2024, we detect structural breaks via CUSUM and Chow tests and compare regime-specific regression coefficients and VECM-based long-run and short-run dynamics. Results show that unsold units respond more sensitively to supply-demand imbalances in crisis periods with concentrated supply and credit risk, while their adjustment role weakens in normal and policy-driven periods as prices, transactions and sentiment absorb a larger share of adjustments, implying time-varying interactions among key housing indicators.