1. House Price Indices
ESTP course -MIP Luxembourg 1-3 December 2015 Bogdan Marola Eurostat - Unit C4

2. Outline House Price Index (HPI) – common concepts and definitions
HPI for MIP
Dissemination
HPI sub-indices for new and existing dwellings
Conclusions

3. HPI – common concepts and definitions (i)
HPI measures the price changes of dwellings purchased by households
Constant mix and quality – "pure" price changes
Transaction prices
Price includes VAT for new dwellings
Transaction costs (notary, registry/cadastre, agency, bank) excluded

4. HPI – common concepts and definitions (ii)
Index for the price of all (new and existing) dwellings purchased by households:
flats, detached houses, terraced houses, etc.
independently of their final use
independently of previous owners

5. HPIs for MIP: deflated HPIs
“Deflated HPI” - ratio between the HPI and the national accounts deflator for final consumption expenditure (households + NPISH).
Final consumption expenditure deflator:
implicit index
the quarterly data often revised
The ‘alarm threshold’ is 6% in the annual rate of change.

6. HPI data sources and methods
Available information will determine compilation methods
Sufficient number of transactions needed for reliable indices
Eurostat's Handbook on Residential property price indices (2013):
housing-price-statistics/residential-property-handbook

7. HPI quarterly dissemination
Launched in 2013
News release on Eurostat home page
Database
Statistics explained article
MIP webpage
Data currently available for 29 countries

8. HPI News Release Every quarter on http://ec.europa.eu/eurostat
Chart displaying annual rate of change
Table with quarterly and annual rates of change

9. HPI database On the Eurostat database:

10. Statistics Explained Wiki page on Housing Statistics

11. MIP webpage

12. Metadata
Available for 29 countries at the Eurostat HPI database

13. HPI sub-indices for new and existing dwellings
In December 2014 Eurostat released:
HPI for dwelling categories = new/ existing
Item weights (per 1,000)
Breakdown currently available for 22 countries
Released every quarter at the same time as the total HPI

14. Conclusions
HPIs released by Eurostat are compiled by the EU statistical offices following common concepts and definitions
One of the MIP headline indicators
Are a comparable measure of house price evolution in EU countries
Data and metadata available on Eurostat website

15. ?
Questions and answers ? ? ?