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JOURNAL OF INTERNATIONAL STUDIES


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ISSN: 2306-3483 (Online), 2071-8330 (Print)



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Descriptive analysis of nonstationarity of the time series on real estate market

Vol. 8, No 2, 2015

Sławomir Kulesza

 

Warmia and Mazury University in Olsztyn Poland

 

kulesza@matman.uwm.edu.pl

Descriptive analysis on nonstationarity of the time series on real estate market

 

Mirosław Belej

 

Warmia and Mazury University in Olsztyn Poland

 

caprio@uwm.edu.pl

Abstract. The paper aims at analyzing the dynamics of the housing prices treated as a time- series of a stochastic process. Obtained results show that in a longer perspective these prices form a nonstationarity process characterized by time-variant statistical descriptors. On the other hand, the prices analyzed within much shorter time windows appear to remain stationary, and are found to be developed in a random walk process. In such a case, the price distribution is close to normal distribution

 

Received: April, 2015

1st Revision: May, 2015

Accepted: August, 2015

DOI: 10.14254/2071-

8330.2015/8-2/3

JEL Classification: C51, R30, R32

Keywords: real estate market, dynamics, nonstationarity