Open AccessInternational Real Estate Review
Author(s) -
Chung-Chang Lee
Publication year - 2009
Publication title -
journal of the asian real estate society
Language(s) - English
Resource type - Journals
ISSN - 1029-6131
DOI - 10.53383/100114
Subject(s) - explanatory power , real estate , multilevel model , variance (accounting) , macro , residential real estate , econometrics , variable (mathematics) , macro level , economics , demographic economics , statistics , finance , mathematics , macroeconomics , mathematical analysis , philosophy , accounting , epistemology , computer science , programming language
This paper uses hierarchical linear modeling (HLM) to explore the influence of satisfaction with public facilities on both individual residential and overall (or regional) levels on housing prices. The empirical results indicate that the average housing prices between local cities and counties exhibit significant variance. At the macro level, the explanatory power of the variable ¡§convenience of life¡¨ on the average housing prices of all counties and cities reaches the 5% significance level. The influence of the satisfaction with convenience of life in different counties and cities on housing prices exhibits significant variances.