I. Introduction
The real estate market has several different characteristics compared with other economic markets, such as the absence of homogeneous goods, interactive effects of the characteristics of goods over space, changes in quality over time due to technological progress and deterioration, high transaction costs, and long time for resource allocation. House pricing has three problems that must be resolved: (1) opacity of the real estate market, (2) geographical and temporal heterogeneity, and (3) variability of consumer preferences.