Table 1 Dependent variables and independent variables

Name of variable	Publishing agency	Period and region of published data
Apartment sale price index	MOLIT	Jan. 2007 ~ Dec. 2014 (Seoul, Busan)
Fluctuation rate of land price	KAB	Jan. 2007 ~ Dec. 2014 (Seoul, Busan)
Unemployment rate	KOSTAT	Jan. 2007 ~ Dec. 2014 (Seoul, Busan)
Apartment construction performance	MOLIT	Jan. 2007 ~ Dec. 2014 (Seoul, Busan)
Apartment trading status	KAB	Jan. 2007 ~ Dec. 2014 (Seoul, Busan)
Consumer price index	BOK	Jan. 2007 ~ Dec. 2014 (National)
Market interest	BOK	Q1 2007 ~ Q4 2014 (National)
Mortgage rate	BOK	Q1 2007 ~ Q4 2014 (National)
GDP (real/nominal)	BOK	Q1 2007 ~ Q4 2014 (National)
Index of all industry production	KOSTAT	Q1 2007 ~ Q4 2014 (National)
CD rate	BOK	Q1 2007 ~ Q4 2014 (National)

Note: MOLIT = Ministry of Land, Infrastructure, and Transport; KAB = Korea Appraisal Board; KOSTAT = Statistics of Korea; BOK = Bank of Korea