Table 5 The results of harmonic analysis: Housing price change rates (gN) (2007.01-2018.10)
| Total | SMetro | 5Cities | NMetro |
| cos(2πt/20) | −0.244 (–2.802) | −0.240 (-2.610) | | −0.183 (–1.969) |
| sin(2πt/20) | −0.354 (–4.053) | −0.479 (-5.192) | | −0.163 (–1.762) |
| cos(2πt/24) | | | 0.4054 (4.806) | |
| sin(2πt/24) | | | −0.153 (-1.835) | |
| cos(2πt/48) | −0.554 (–6.391) | −0.308 (-3.371) | −0.651 (-7.810) | −0.742 (–8.040) |
| sin(2πt/48) | 0.6445 (7.325) | 0.6340 (6.823) | 0.6233 (7.376) | 0.4087 (4.364) |
| Adj R2 | 0.4584 | 0.3959 | 0.5002 | 0.3862 |
Numbers in the parenthesis represent t statistics.