{"title":"Sweating Assets: The Effect of Extreme Heat on the Housing Market","authors":"Jindong Pang, Jie Feng, Yuan Zhao","doi":"10.1111/jors.70066","DOIUrl":null,"url":null,"abstract":"<div>\n \n <p>This paper studies the impact of extreme heat on the housing market in 26 Chinese cities by analyzing more than 1.5 million second-hand housing transaction records. Empirical results from hedonic regressions show that extreme heat significantly decreases housing prices and transaction volumes. This negative effect is concentrated in warm seasons and is substantially stronger for high-end apartments, top-floor units, and units in high-rise buildings. Green spaces and water bodies are effective in mitigating the negative effect of extreme heat on the housing market. Mechanism analysis demonstrates that extreme heat significantly decreases the number of on-site property visits before a transaction. These findings underscore the important influence of climate change on the housing market.</p>\n </div>","PeriodicalId":48059,"journal":{"name":"Journal of Regional Science","volume":"66 4","pages":"1109-1121"},"PeriodicalIF":2.4000,"publicationDate":"2026-09-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Regional Science","FirstCategoryId":"96","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1111/jors.70066","RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"2026/4/24 0:00:00","PubModel":"Epub","JCR":"Q1","JCRName":"ECONOMICS","Score":null,"Total":0}
引用次数: 0
Abstract
This paper studies the impact of extreme heat on the housing market in 26 Chinese cities by analyzing more than 1.5 million second-hand housing transaction records. Empirical results from hedonic regressions show that extreme heat significantly decreases housing prices and transaction volumes. This negative effect is concentrated in warm seasons and is substantially stronger for high-end apartments, top-floor units, and units in high-rise buildings. Green spaces and water bodies are effective in mitigating the negative effect of extreme heat on the housing market. Mechanism analysis demonstrates that extreme heat significantly decreases the number of on-site property visits before a transaction. These findings underscore the important influence of climate change on the housing market.
期刊介绍：
The Journal of Regional Science (JRS) publishes original analytical research at the intersection of economics and quantitative geography. Since 1958, the JRS has published leading contributions to urban and regional thought including rigorous methodological contributions and seminal theoretical pieces. The JRS is one of the most highly cited journals in urban and regional research, planning, geography, and the environment. The JRS publishes work that advances our understanding of the geographic dimensions of urban and regional economies, human settlements, and policies related to cities and regions.
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