Table 1. Summary statistics of key variables

Variable	Mean	SD	Min	25 pct	Median	75 pct	Max
Price change	0.0065	0.1064	–0.2977	–0.0556	0.0067	0.0695	0.3015
Transaction volume	1.4427	0.6497	0.6931	0.6931	1.3863	1.7918	5.7104
Price volatility	7.7438	1.8388	0.0000	7.0832	7.9211	8.5955	13.0148

Note: Price change denotes the monthly rate of change in apartment prices. Transaction volume refers to the number of monthly transactions (log-transformed). Price volatility computed as the SD of within-month transaction prices for each apartment unit and then log-transformed.