Table 5. Posterior summary of Model 4: Unit-level characteristics

Parameter	Mean	SD	5% HDI	95% HDI	MCSE mean	MCSE SD	R-hat
α[Seoul]	0.0084	0.0064	–0.0014	0.0184	0.0001	0.0001	1.00
α[Busan]	0.0023	0.0062	–0.0070	0.0129	0.0001	0.0001	1.00
α[Daegu]	0.0049	0.0071	–0.0058	0.0171	0.0001	0.0001	1.00
α[Incheon]	–0.0003	0.0064	–0.0118	0.0100	0.0001	0.0001	1.00
α[Gwangju]	–0.0032	0.0071	–0.0147	0.0081	0.0001	0.0001	1.00
α[Daejeon]	–0.0073	0.0077	–0.0205	0.0034	0.0002	0.0001	1.00
α[Ulsan]	–0.0049	0.0074	–0.0177	0.0056	0.0001	0.0001	1.00
β0 (intercept)	–0.0097	0.0010	–0.0114	–0.0078	0.0000	0.0000	1.00
β1 (national-level momentum effect)	–0.4408	0.0051	–0.4470	–0.4338	0.0001	0.0001	1.00
β2 (transaction volume)	0.0049	0.0003	0.0044	0.0054	0.0000	0.0000	1.00
β3 (price volatility)	0.0018	0.0001	0.0016	0.0020	0.0000	0.0000	1.00
σ (residual SD)	0.1058	0.0001	0.1056	0.1060	0.0000	0.0000	1.00
σα (city-level momentum effect SD)	0.0098	0.0062	0.0008	0.0173	0.0001	0.0001	1.00
σδ (district-level momentum effect SD)	0.0145	0.0026	0.0100	0.0185	0.0001	0.0001	1.01

Note: This table reports the posterior summaries for the Model 4. The posterior mean and SD represent the central tendency and dispersion of the estimated parameters. The 5% and 95% highest density intervals (HDIs) define the central 90% credible region for each parameter. Monte Carlo standard errors (MCSE) assess the numerical accuracy of the posterior mean and SD estimates. R-hat values close to 1 indicate satisfactory convergence across Markov chain Monte Carlo (MCMC) chains. The parameter α[city] denotes the city-level momentum effect. District-level momentum effects (δ_k) are not reported here due to the limited space.