Variables	Description	Definition
Price	The average housing price of community	The natural logarithm of the monthly average housing price of community
DID	The difference-in-difference impact of COVID-19	Dummy variable that equals one in the months after the community has confirmed COVID-19 cases and equals zero otherwise
Housing Age	The age of the community	The natural logarithm of the years from the house completion time to year 2020
Floor Area Ratio	The floor area ratio of the community	The ratio of total aboveground building area to the net land area of the community
Greening Ratio	The floor area ratio of the community	The ratio of green land area to total land area of the community
Elevator	The elevator status of the community	Dummy variable that equals 1 if the community has elevators and zero otherwise
Property Right	The term of property right of the community	The term of property right of includes three types that are 40 years, 50 years, and 70 years, and we assign 1, 2, and 3 to each type, respectively. We also define it as the number of years, and the main results are robust
Building Type	The building type of the community	There are five types of building in the sample—brick building, tower building, plate building, plate—tower combination building, and villa—and we assign 1, 2, 3, 4, and 5 to each type, respectively. We also define it as dummy variables, and the main results are robust
Education Rating	The education rating of the community	There are four types of education rating in the sample—the non-school district, lower quality school district, medium quality school district, and higher quality school district—and we assign 1, 2, 3, and 4 to each type, respectively
Property Service	The property service quality of the community	There are four types of property service quality in the sample—the service remained to be improved, medium quality, good quality, and excellent quality —and we assign 1, 2, 3, and 4 to each type, respectively
Density	The population density of the city	The ratio of permanent resident population to the land area of the city in 2019
PGDP	The per capita GDP of the city	The natural logarithm of per capita GDP of the city in 2019
Investment	the investment amount in the real estate industry of the city	The natural logarithm of the investment in the real estate industry of the city in 2019