過去住宅價格的研究多以平均數為主軸，鮮少探討價格分散（price dispersion）的現象。然而，如市場上價格分散程度增加，則平均價格在市場整體價格的描述上將失去其經濟意義。因此，本文試圖了解平均價格與價格分散的關係及價格分散的影響原因。目前，價格分散之文獻多著重於需求者行為對成交價分散的影響，未探討造成表價差異的原因。過去文獻指出，景氣及區位皆會影響建商的推案行為及訂價行為。因此，本文從供給者角度，探討房價水準、景氣及區位對表價分散造成的影響。 本研究使用政治大學房地產研究中心與國泰建設公司所調查台北市與台北縣83Q1至97Q2住宅新推個案表價資料，分成台北市與台北縣市中心、市郊與郊外研究價格分散程度差異。結果顯示，住宅市場房價水準上升時，將增加建商的產品及訂價差異，在市場效率及資訊不足的情況下，使房價水準領先價格分散三季。而不景氣時容易對財務條件較差之廠商造成銷售壓力，使價格分散較景氣時大。區位較佳之地區因產品獨特性、價格僵固無彈性，而使分散程度小於區位較差地區。由市場上價格分散情形，我們可以觀察到市場風險的變化，景氣轉壞時或區位較差地區風險較高。 價格分散是市場上價格混亂的現象，在產品異質性較高故不易觀察的住宅市場中，本文釐清了價格分散來自於房價水準、景氣及區位。因此，當價格分散擴大時，學術上觀察平均價格時應更謹慎的看到個體的差異，而市場上需求者更應多搜尋與比較市場上的住宅產品。 / Price dispersion is a common issue in homogeneous goods literatures, but a few researches in housing market. In financial literatures, variation is an important index which means the risk of market. Especially in market depression, we should pay more attention to price variation. As a result, this paper focus on the price dispersion of housing market, and tries to find the effect of price level, real estate cycle, and location on price dispersion. Previous time-on-the-market studies focused on the relationship between listing price and trading price of housing unit, while this paper investigates the difference in listing price of different residential projects in new construction market. We demonstrate the degree of housing price dispersion which changes with price level, real estate cycle and location, because of the heterogeneity of seller’s strategies. After controlling the effect of product differentiation, we find that there is a positive correlation between price dispersion and risk. Our results suggest that besides the price level, we should pay more attention to the price dispersion of housing market.