Table 2.

COVID-19 and Housing Price

This table presents the impact of confirmed COVID-19 cases on housing price. The dependent variable is the natural logarithm of monthly housing price of residential community (Price). DID is a dummy variable that equals one in the months after the community has confirmed COVID-19 cases and equals zero otherwise. In Model (1), we control the community effect and month effect. In Model (2), we add the community characteristics including Housing Age, Floor Area Ratio, Greening ratio, Elevator, Education rating, Property service, Property right and Building type. In Model (3), we add the city-level characteristics including Density, PGDP and Investment. The detailed definitions of variables are available in Appendix A. The robust standard errors are reported in the parentheses. ** p<0.05, *** p<0.01.

	Price
	(1)	(2)	(3)
DID	-0.036***	-0.032**	-0.025**
	(0.004)	(0.015)	(0.010)
Housing Age		0.257***	0.084***
		(0.009)	(0.006)
Floor Area Ratio		0.071***	0.038***
		(0.004)	(0.002)
Greening Ratio		0.352***	0.128***
		(0.055)	(0.035)
Elevator		0.243***	-0.006
		(0.011)	(0.007)
Property Right		0.262***	0.031**
		(0.018)	(0.012)
Building Type		-0.045***	0.005
		(0.007)	(0.004)
Education Rating		0.055***	0.057***
		(0.006)	(0.004)
Property Service		0.169***	0.074***
		(0.009)	(0.006)
Density			0.362***
			(0.005)
PGDP			0.406***
			(0.011)
Investment			0.114***
			(0.005)
Community Effect	Control	Control	Control
Month Effect	Control	Control	Control
Constant	9.830***	7.611***	3.160***
	(0.030)	(0.068)	(0.116)
Observations	18466	18466	18466
R-squared	0.007	0.151	0.585