The Impact of U.S. Monetary Policy Changes on the Domestic Real Estate Market : Focusing on the Seoul Metropolitan Area Apartment Prices

• DOI: 10.56409/kreis.2025.8.1.103
• Publication Date: 2025-05-13T04:49:54Z
• Authors: Beomku Lee; Chunwon Lee
• Keywords: Residential real estate

This study examines how changes in U.S. Federal Reserve monetary policy have affected apartment prices Korea’s Seoul metropolitan area, using monthly time-series data from 2004 to 2024. The federal funds rate, unemployment and inflation were used as independent variables, with price fluctuations the dependent variable. Multiple regression analysis was conducted based on Reserve’s reduction of reserve requirement 0% March 2020. Results show that significantly influenced interest rate decisions, indirectly affecting rates prices. Inflation showed weaker inconsistent relationships. These findings suggest a shift focus control employment stabilization imply an indirect transmission mechanism global domestic asset markets. underscores importance monitoring external macroeconomic factors when formulating housing market policy.