Table 11 Variance Decomposition of PPG (Sales price growth rate(%))

Month COMP JPG PJRD PPG
step 1 3.867% 25.133% 31.556% 39.445%
step 2 6.795% 20.083% 36.200% 36.922%
step 3 7.869% 18.132% 38.687% 35.311%
step 4 8.287% 17.226% 40.075% 34.412%
step 5 8.469% 16.772% 40.836% 33.924%
step 6 8.556% 16.535% 41.249% 33.660%
step 7 8.600% 16.410% 41.473% 33.517%
step 8 8.623% 16.343% 41.594% 33.440%
step 9 8.635% 16.307% 41.660% 33.398%
step 10 8.641% 16.288% 41.696% 33.375%