本文採用2006年度內政部營建署住宅狀況調查資料，分析台北地區住宅價格。從公共設施、環境品質及不動產景氣探討對住宅價格之影響，並討論不動產景氣對於住宅價格的調節效果。實證結果顯示，公共設施構面之休閒與運動滿意度明顯的影響房價高低。景氣與面積的乘積之係數為-0.010，達到5%之顯著水準。表示面積愈大，房價愈高，然在景氣之下面積愈大，其增加之房價亦愈少。即景氣對於面積對房價之影響具有調節效果。景氣與屋齡的乘積之係數為-0.062，達到5%顯著水準，景氣與屋齡平方乘積之係數為0.001，亦達到5%之顯著水準。表示景氣狀態越佳之下，屋齡愈高，則房價下跌的幅度更多，但其降低的幅度愈來越小。景氣與北縣郊區的乘積之係數為-0.204，達到10%之顯著水準。顯示北縣郊區房價比其他地區低，然而在景氣狀態佳之下，則北縣郊區房價比其他地區低的更多。表示景氣對於北縣郊區與其他地區房價之差異具有調節效果。

This article uses the 2006 questionnaire survey of housing conditions from the Construction and Planning Agency, Ministry of Interior, for the analysis of housing prices in the Taipei area. The main purpose is to discuss how public facilities, the quality of the environment, and real estate cycles affect housing prices, as well as how the cycle affects the moderation of housing prices. The model proves that the degree of satisfaction with leisure and sports significantly affects the level of housing prices. The product of cycle and area coefficients is -0.010, which achieves a significance level of 5 percent. Instead of increasing the living area, it raises the housing price. Under the cycle, the increase in area raises the housing price by less. This situation is evidence that the influence of the cycle affects the area and the housing price has a moderation effect. The product of the cycle and housing age coefficients is -0.062, which achieves a significance level of 5 percent, while the product of the cycle and the square of housing age is 0.001, which achieves a significance level of 10 percent. The product of the cycle and the county suburban coefficients is -0.204, which achieves a significance level of 5 percent. It indicates that the Taipei county suburban price is lower than prices in other areas; moreover, the price is lower than the others under the expanding cycle situation. Thus, the cycle that affects the difference in housing prices between Taipei's suburban areas and the other areas has moderation effects.