NOTES: The graph displays the decomposition result in 4 regions - Korea, Seoul Metropolitan area, Seoul, and Non-Metropolitan area (see Choi and Lee, August 2026). The sum of the three factors may not perfectly match official housing price growth due to variations in district-level weights, administrative district reorganizations, and seasonal adjustments applied at the district level. The shaded areas allocate weighted district-level price growth to flow-supply-dominant (blue), HS-dominant (green), and valuation-dominant (red) district-months. The allocation is accounting-based and should not be read as a structural historical decomposition.