@article{ART001861394},
author={Chun Haejung and Park， Heonsoo},
title={An Empirical Study on the Estimation of Housing Sales Price using Spatiotemporal Autoregressive Model},
journal={Korea Real Estate Review},
issn={2092-5395},
year={2014},
volume={24},
number={1},
pages={7-14}
TY - JOUR
AU - Chun Haejung
AU - Park， Heonsoo
TI - An Empirical Study on the Estimation of Housing Sales Price using Spatiotemporal Autoregressive Model
JO - Korea Real Estate Review
PY - 2014
VL - 24
IS - 1
PB - korea real estate research institute
SP - 7
EP - 14
SN - 2092-5395
AB - This study, as the temporal and spatial data for the real price apartment in Seoul from January 2006 to June 2013, empirically compared and analyzed the estimation result of apartment price using OLS by hedonic price model for the problem of space-time correlation, temporal autoregressive model (TAR) considering temporal effect, spatial autoregressive model (SAR) spatial effect and spatiotemporal autoregressive model (STAR) spatiotemporal effect.
As a result, the adjusted R-square of STAR model was increased by 10% compared that of OLS model while the root mean squares error (RMSE) was decreased by 18%. Considering temporal and spatial effect, it is observed that the estimation of apartment price is more correct than the existing model. As the result of analyzing STAR model, the apartment price is affected as follows; area for apartment(-), years of apartment(-), dummy of low-rise(-), individual heating (-), city gas(-), dummy of reconstruction(+), stairs(+), size of complex(+). The results of other analysis method were the same. When estimating the price of real estate using STAR model, the government officials can improve policy efficiency and make reasonable investment based on the objective information by grasping trend of real estate market accurately.
KW - housing slaes price;hedonic price model;spatio-temporal autoregressive model;GIS
DO -
UR -
ER -
Chun Haejung and Park， Heonsoo. (2014). An Empirical Study on the Estimation of Housing Sales Price using Spatiotemporal Autoregressive Model. Korea Real Estate Review, 24(1), 7-14.
Chun Haejung and Park， Heonsoo. 2014, "An Empirical Study on the Estimation of Housing Sales Price using Spatiotemporal Autoregressive Model", Korea Real Estate Review, vol.24, no.1 pp.7-14.
Chun Haejung, Park， Heonsoo "An Empirical Study on the Estimation of Housing Sales Price using Spatiotemporal Autoregressive Model" Korea Real Estate Review 24.1 pp.7-14 (2014) : 7.
Chun Haejung, Park， Heonsoo. An Empirical Study on the Estimation of Housing Sales Price using Spatiotemporal Autoregressive Model. 2014; 24(1), 7-14.
Chun Haejung and Park， Heonsoo. "An Empirical Study on the Estimation of Housing Sales Price using Spatiotemporal Autoregressive Model" Korea Real Estate Review 24, no.1 (2014) : 7-14.
Chun Haejung; Park， Heonsoo. An Empirical Study on the Estimation of Housing Sales Price using Spatiotemporal Autoregressive Model. Korea Real Estate Review, 24(1), 7-14.
Chun Haejung; Park， Heonsoo. An Empirical Study on the Estimation of Housing Sales Price using Spatiotemporal Autoregressive Model. Korea Real Estate Review. 2014; 24(1) 7-14.
Chun Haejung, Park， Heonsoo. An Empirical Study on the Estimation of Housing Sales Price using Spatiotemporal Autoregressive Model. 2014; 24(1), 7-14.
Chun Haejung and Park， Heonsoo. "An Empirical Study on the Estimation of Housing Sales Price using Spatiotemporal Autoregressive Model" Korea Real Estate Review 24, no.1 (2014) : 7-14.
