In general, then, it appears that hedonic price methods can be applied to separate parts of metropolitan areas to measure price differences both within and among such submarkets. In that there are several well-recognized impediments to housing price uniformity related to spatial criteria, judicious subdivision of the metropolitan market reveals valuable information about price variation within the metropolitan area. Although single equation models can give serviceable answers about prices, on average, separate equations may offer more insight into the important short-run behavior of markets within the metropolitan area.
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