The Effect of School District and Real Estate Policy on Second-Hand Housing Prices in Beijing Based on DID Model

Beijing is one of the major cities in China with soaring housing prices in the past decade, and speculators making price differences from real estate transactions have boosted prices of new house and second-hand homes in Beijing, so that most people with real housing demand cannot afford to own a house. In this case, Beijing has introduced a series of policies to regulate housing prices, among which, Beijing 317 New Policy impact is more extensive. This paper uses the transaction data of second-hand housing in the six core urban areas in Beijing from 2013–2022 to analyze the impact of the school district and the 317 New Policy on the second-hand housing price based on the DID model. The research results show that the 317 New Policy has effectively curbed the rapid growth of second-hand housing prices. Although the second-hand housing price in the high-quality school area has been in a growth state, the 317 New Policy also plays a positive role in the housing price in this area. As a bellwether of national policies, Beijing will have a directional impact on cities across the country. In the next few years, the Chinese government will continue to implement the nationwide slogan “houses are for living in rather than speculation”.