The ongoing pandemic has led to substantial volatility in residential housing markets. However, relatively little is known about whether the volatility is dominated by housing demand or supply, and how different priced markets contribute to the volatility. This article first examines the temporal effect of COVID-19 on house prices, housing demand, and supply in Los Angeles, and second explores the effect heterogeneity in luxury and low-end housing markets within the city. For identification, the article employs a revised difference-in-differences (DID) method that controls more rigorously for unobservables and improves on the traditional DID with smaller prior trends. Using individual level data, the result first shows that, in response to the outbreak, house prices, demand, and supply all decreased in March to May 2020 and increased in July and August 2020, with demand dominating the process. Second, the heterogeneity exploration identifies diverging COVID-19 impacts in higher- and lower- priced markets. Particularly, the decline in overall price and demand before June originates mainly from the lower-priced market while the higher-priced one experienced limited changes in demand. After July, higher-priced markets led housing market’s surge in price, demand, and supply, whereas the lower-priced market has not fully recovered from decreases in house prices and housing demand. Finally, a larger price decline in lower-priced markets is found to be associated with higher service shares and lower homeownership rates. The results not only facilitate market participants in their decision making but also aid local governments in formulating policies and allocating subsidies to mitigate the effects of the outbreak.

持续的大流行导致住宅市场大幅波动。然而，对于波动是由住房需求还是供应主导，以及不同价格的市场如何影响波动，人们知之甚少。本文首先考察了 COVID-19 对洛杉矶房价、住房需求和供应的时间影响，其次探讨了城市内豪宅和低端住房市场的影响异质性。为了进行识别，本文采用了修订后的差分差分 (DID) 方法，该方法更严格地控​​制不可观察的事物，并改进了具有更小先验趋势的传统 DID。使用个人层面的数据，结果首先表明，为了应对疫情，房价、需求、供应在 2020 年 3 月至 2020 年 5 月全部减少，在 2020 年 7 月和 2020 年 8 月增加，需求主导了这一过程。其次，异质性探索确定了 COVID-19 在高价和低价市场中的不同影响。特别是6月前整体价格和需求的下滑主要来自低价市场，高价市场需求变化有限。7月以后，高价市场带动楼市价格、需求、供应大幅上涨，而低价市场还没有完全从房价下跌和住房需求下降中恢复过来。最后，发现低价市场的价格下跌幅度更大与更高的服务份额和更低的房屋拥有率有关。