We use recentered influence function regressions to decompose the differences in the distribution of sales prices across five stages of the business cycle in Tokyo for 1986–2016. Tokyo's housing market went through a period of rapid appreciation in prices during this time, followed by a long period of decline and a more recent increase. We find that a substantial portion of the change in the distribution of condominium prices across time periods is due to the natural aging of the housing stock, but also due to the location of the sales and the tendency for units to get larger over time.

中文翻译：

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房价分布随时间的分解：东京房价的涨跌

我们使用重新中心影响函数回归来分解 1986-2016 年东京商业周期五个阶段的销售价格分布差异。东京的房地产市场在此期间经历了价格快速升值的时期，随后是长期的下降和最近的上涨。我们发现，不同时期公寓价格分布的很大一部分变化是由于住房存量的自然老化，但也由于销售地点和单位随着时间的推移而变得更大的趋势。