Table 3 Effects of Investment Properties on Housing Price Dispersion.

	Dependent variable: Price Dispersion
	(1)	(2)	(3)	(4)
*Panel A. Investors’ Investment Properties Turnover:*
Current Quarter	−0.7468^*** (0.074)	−1.0749^*** (0.116)
Lagged One Quarter			−1.0682^*** (0.125)
Lagged Two Quarter				−1.0967^*** (0.119)
Control	No	Yes	Yes	Yes
District-Year-Quarter FE	Yes	Yes	Yes	Yes
Adjusted R²	0.25	0.27	0.27	0.27
Observations	13,297	11,666	11,320	11,133
*Panel B. Investors’ Flipped Properties (Holding Tenure < 2years) Turnover:*
Current Quarter	−1.0515^*** (0.251)	−0.6393^* (0.332)
Lagged One Quarter			−0.7499^** (0.329)
Lagged Two Quarter				−0.6884^** (0.343)
Control	No	Yes	Yes	Yes
District-Year-Quarter FE	Yes	Yes	Yes	Yes
Adjusted R²	0.25	0.26	0.26	0.27
Observations	13,297	11,666	11,320	11,133

The dependent variable is housing price dispersion at the estate level during a specific year-quarter, expressed in log form. Robust standard errors (in parentheses) are adjusted for clustering at the district-year-quarter level. Investment Property Purchase Turnover reflects the number of investment properties acquired by investors during the period, normalized by total property stock. Panel A uses investor property turnover (the number of identified investment properties normalized by estate size, in log form) as the main explanatory variable, while Panel B uses flipper property turnover (the number of short-term flipped properties normalized by estate size, in log form) as the main explanatory variable. These two variables represent investor activity from the perspectives of total investment transactions (properties). All regressions include district-year-quarter fixed effects. Control variables include trading volume, the lagged estate-specific residential price index (from Eq. 1), lagged liquidity, lagged subregional market yields, and lagged housing supply. Refer to the text for details and variable descriptions. ^*, ^**, ^*** represent significance levels of 10%, 5%, and 1%, respectively.

Search