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Neighborhood correlates of house price changes for the San Francisco Bay area are analyzed for the metropolitan area as a whole, and also for sub-markets defined on the basis of real estate board jurisdictions, the racial-ethnic composition of neighborhoods, and the average house price of neighborhoods. Regression analysis reveals different patterns of correlates for the market and submarket models, and an F-test indicates that the board of realtors submarket model is superior to the otherdoi:10.2307/142835 fatcat:6omnc243enfi3mjvjzoy76qa6i