Structural change in housing submarkets in burgeoning real estate market: A case of Hangzhou, China

Most studies about housing submarkets have focused on its definition and identification. Recently more attention has been paid to the structural persistence in housing markets, yet the explanation for submarket dynamic patterns is still limited. This paper examines the performance of housing submarkets in Hangzhou city of China, during the booming period of 1998-2009. The findings, based on both static and time series analysis, suggest that the structure of submarkets within the city is not stable. However, the relocation pattern, coupled with the trends in housing development, can explain the evolution of a submarket structure to some degree. (C) 2013 Elsevier Ltd. All rights reserved.