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Prix et parités de pouvoir d'achat (PPA)

Residential Property Price Indices (RPPIs) and related housing indicators - Frequently Asked Questions

 

1. What are house price indices?

2. Where can I download RPPI data?

3. Where can I find methodological information for RPPI series published?

4. When are RPPIs updated?

5. Which RPPIs the OECD publishes?

6. What is the geographical coverage of RPPIs published by the OECD?

7. How Headline indicators have been selected?

8. How to calculate real RPPIs?

9. Why the OECD publishes RPI series with 2015=100 as reference period (Index, 2015=100)? What are the other measures available?

10. Are RPPIs series seasonally adjusted?

11. Where can I get more methodological information on RPPIs?

12. What other housing indicators are published by the OECD?

 

1. What are house price indices?


House price indices, also called Residential Property Prices Indices (RPPIs), are index numbers measuring the rate at which the prices of residential properties (flats, detached houses, terraced houses, etc.) purchased by households are changing over time. Both new and existing dwellings are covered if available, independently of their final use and their previous owners. Only market prices are considered. They include the price of the land on which residential buildings are located.

 

2. Where can I download RPPI data?


RPPIs can be downloaded from the dataset "Prices and Purchasing Power Parities / House Prices and Related Indicators" in OECD.Stat. Three different datasets are available: 

  • Residential Property Price Indices – Headline Indicators: This dataset covers OECD members and some non-member countries. For each country, the RPPI that is available at the most aggregate level has been singled out in this dataset, but due to data availability, headline indicators are country specific. For example, the RPPI at the most aggregate level for the United States only covers single-family dwellings and not all types of dwellings as is the case for most other OECD countries. 
  • Residential Property Price Indices and related housing indicators: This dataset contains nominal house price indices with various breakdowns for OECD members and some non-member countries. Headline indicators are a subset of this complete dataset. It contains also other related housing indicators such Consumer Prices for housing, Housing transactions (number and/or value). RPPI deflators are also available. 
  • Analytical house price indicators: This dataset contains, in addition to nominal RPPIs, information on real house prices, rental prices and the ratios of nominal prices to rents and to disposable household income per capita. It should be noted that for Brazil, Canada, China, Germany, the United States and the Euro area, the datasets “Analytical house price indicators” and “Residential Property Price Indices (RPPIs) – Headline Indicators” do not refer to the same nominal price indices. These differences are further documented in country-specific metadata that are attached to this dataset.

In OECD.Stat you can modify the current data selection by using the top navigation bar to select specific "Subject", "Country" and "Time & Frequency". The data can be exported to Excel. For long time series, we recommend using the csv format. You may also consult the OECD.Stat user guide.


3. Where can I find methodological information for RPPI series published?


In OECD.Stat, methodological information is attached to each RPPI series published flagged, by this small blue icon:


4. When are RPPIs updated?


RPPIs are quarterly data except in Canada, Israel, Japan, Korea, Turkey, Brazil, China, and South Africa which publish monthly RPPI data.

The OECD updates RPPIs for OECD countries and other major non-OECD economies in real-time following the RPPI release calendar of each country.

RPPIs for Czech Republic, Denmark, Hungary, Iceland, Ireland, Luxembourg, Netherlands, Slovak Republic, Spain and Sweden are directly collected from Eurostat Website and the update process follows the House Price Index Release calendar for Euro Indicators.

 

5. Which RPPIs the OECD publishes?


The OECD aims to publish for all OECD countries and partners economies the nominal RPPI Total and, when available, its breakdown for newly built (RPPI New) and existing (RPPI Existing) dwellings. These three indicators are defined as follows:

  • RPPI Total covers prices of sales of newly-built and existing dwellings for all types of dwellings (flats, detached houses, terraced houses, etc.) for the whole country
    • RPPI New covers prices of sales of newly-built dwellings for all types of dwellings (flats, detached houses, terraced houses, etc.) for the whole country;
    • RPPI Existing covers prices of sales of existing dwellings for all types of dwellings (flats, detached houses, terraced houses, etc.) for the whole country.

These three indicators are available for 24 OECD countries. Some countries only publish one or two of these indicators: e.g. for Island, Japan, European Union and Euro area only the RPPI Total is available. Canada publishes only RPPI New, Norway only RPPI Existing while Netherlands, New Zealand publish both RPPIs Total and New only.

For Australia, China, Colombia, Greece, Israel, Korea, Switzerland, the United-States, no one of these three indicators is currently available. An alternative has therefore been selected as follows:

  • RPPI covering the prices of sales of newly-built and existing dwellings for multi-family dwellings (apartment building, duplex or semi-detached house, and townhouse) for the whole country – Switzerland;
  • RPPI covering the prices of sales of newly-built and existing dwellings for single-family dwellings (detached house) for the whole country – Switzerland;
  • RPPI covering the prices of sales of newly-built dwellings for multi-family dwellings (apartment building, duplex or semi-detached house, and townhouse) for the Capital city – China;
  • RPPI covering the prices of sales of existing dwellings for single-family dwellings (detached house) for the whole country – United-States;
  • RPPI covering the prices of sales of existing dwellings for single-family dwellings (detached house) for the urban areas – Colombia;
  • RPPI covering the prices of the stock of newly-built and existing dwellings for all types of dwellings (flats, detached houses, terraced houses, etc.) for the whole country – Australia and Israel;
  • RPPI covering the prices of the stock of newly-built and existing dwellings for all types of dwellings (flats, detached houses, terraced houses, etc.) for the urban areas – Greece;
  • RPPI covering the prices of the stock of existing dwellings for all types of dwellings (flats, detached houses, terraced houses, etc.) for the whole country – Korea;


6. What is the geographical coverage of RPPIs published by the OECD?


The OECD aims to publish for all OECD countries and partners economies nominal RPPI for both the whole country and the capital or main city.

 

7. How Headline indicators have been selected?


The dataset Residential Property Price Indices – Headline Indicators aims to show RPPI indicators at the most aggregate level, namely RPPI Total. When this indicator is not available, the RPPI that is available at the most aggregate level for the respective country has been selected.

  • RPPI Total, whole country: Austria, Belgium, Chile, Czech Republic, Denmark, Estonia, Finland, France, Germany, Hungary, Iceland, Ireland, Italy, Japan, Latvia, Luxembourg, Mexico, Netherlands, New Zealand, Poland, Portugal, Slovak Republic, Slovenia, Spain, Sweden, Turkey, United Kingdom, Euro Area, European Union, Lithuania, South Africa;
    • RPPI Total, urban areas: Brazil India;
    • RPPI Total, multi-family dwellings, whole country: Switzerland;
  • RPPI New, Whole country: Canada;
    • RPPI New, All types of dwellings, urban areas: Indonesia, Russia;
    • RPPI New, multi-family dwellings, capital city: China
  • RPPI Existing, whole country: Norway
    • RPPI Existing, single-family dwellings, whole country: United States
    • RPPI Existing, single-family dwellings, urban areas: Colombia
  • RPPI Total Stock, whole country: Australia, Israel
    • RPPI Total Stock, urban areas: Greece
    • RPPI Existing Stock, whole country: Korea 

 

8. How to calculate real RPPIs?


The two datasets on RPPI – RPPIs - Headline indicators and RPPIs and related housing indicators – present nominal RPPIs that do not adjust for inflation, so increases of nominal RPPI reflect also the effect of inflation. In other words, the nominal house prices in a given year depend also on current prices at that time. In some cases, such comparability across countries and over a long period of time, it may be useful to calculate and use real RPPIs. Real RPPI is nominal RPPI adjusted for inflation in order to convert the nominal values as if prices were constant in each period of the series.

A price deflator is usually used to calculate real value. Price deflator is factor that allows valid comparison of the true underlying change free from the influence of price movements. Three different types of price deflators may generally be use to deflate nominal RPPI. Their uses depend on the analytical purposes, availability and timeliness of RPPI deflators.

  1. The CPI all items;
  2. The Gross domestic product deflator is the implicit price deflator for GDP. It is calculated as GDP at current prices divided by GDP at "constant prices" (chained volume estimates or fixed-base volume estimates, depending on countries).
  3. The private final consumption expenditure deflator is the implicit price deflator for Household final consumption expenditure. It is calculated as Household final consumption expenditure at current prices divided by Household final consumption expenditure at "constant prices" (chained volume estimates or fixed-base volume estimates, depending on countries). 

All RPPI deflators are available at the following address: http://stats.oecd.org/Index.aspx?QueryId=86493

 

9. Why the OECD publishes RPI series with 2015=100 as reference period (Index, 2015=100)? What are the other measures available?


The OECD publishes all RPPI series with 2015=100 as reference year to facilitate comparisons across countries.
National providers may calculate indices using a different reference period (e.g. Japan publishes RPPI Total with 2010=100 as reference year); there are re-referenced by the OECD to 2015=100.
The OECD calculates and publishes the movements of price indexes from one month to another expressed as percent changes: Percentage change on the same period of the previous year and Percentage change on the previous period. An advantage of calculating percent changes is that the result will be the same no matter what base period is specified.
In summary, the three following measures for each published RPPI series are available (for Annual, Quarterly and Monthly data when available):

  1. Index with 2015=100 as reference year;
  2. Annual change: Percentage change on the same period of the previous year;
  3. Previous period change: Percentage change on the previous period. 


10. Are RPPIs series seasonally adjusted?


1. RPPI series published in both datasets RPPI – Headline indicators and RPPI and other housing indicators are non-seasonally adjusted indicators.

However, France and the United Kingdom published both the seasonally and non-seasonally adjusted RPPI indicators, and then the seasonally adjusted RPPI is collected:

  • France: RPPI Existing available in RPPI and other housing indicators database only;
  • United Kingdom: RPPI Total available in RPPI and other housing indicators database only.

South Africa publishes seasonally adjusted RPPI Total only. It is then published in the RPPI and other housing indicators database and has been selected as Headline Indicators. 

For the United States an additional seasonally and non-seasonally adjusted RPPI Existing, single-family dwellings, whole country covering purchase only (and not all transactions) is also collected and published. These additional indicators for the US are available in the RPPI and other housing indicators database only. 

2. RPPIs series published in the dataset Analytical house price indicators are seasonally adjusted indicators only. For France, the United Kingdom and the United States, they are collected directly from the national source (respectively INSEE, UK Land Registry and FHFA). For other countries, seasonally adjusted indicators are calculated by the OECD by using X-Arima 12.


11. Where can I get more methodological information on RPPIs?


  1. More information on national RPPIs can be found on:
  2. RPPI for non-OECD countries and partners economies can be find on the BIS website;
  3. More comprehensive methodological information and explanations for compiling RPPIs are provided by the Handbook on Residential Property Price Indices, ILO, IMF, OECD, UNECE, Eurostat, World Bank (eds.), (2013), Luxembourg. 

 

12. What other housing indicators are published by the OECD?


Alongside house price indices, development of related housing indicators must allow to give to users the most complete picture of the residential real estate market. In collaboration with others International Organisations (BIS, Eurostat, IMF, UNECE and World Bank) a template on the development of these indicators has been developed. From this template, the following indicators are currently available:

  • Consumer price indices (CPIs) for housing (COICOP 04), components series and associated weights: this dataset contains for all OECD countries and partners economies (South Africa only) CPI for housing (covering COICOP 04.1, Actual rentals for housing, COICOP 04.2, Imputed rentals for housing & COICOP 04.3, Maintenance and repair of the dwelling); its components and associated weights.

    When imputed rentals for housing (COICOP 04.2) is not available, CPI for Housing excluding imputed rentals for housing is published, e.g. for Belgium, Chile, Estonia, France, Greece, Hungary, Italy, Korea, Latvia, Lithuania, Luxembourg, Poland, Portugal, Slovenia, Spain and Turkey. This dataset is a subset of the Consumer price indices dataset. More detailed information on CPIs published by the OECD is available in the Consumer Price Indices FAQs.

In the future, this dataset will be complemented with other indicators that are useful for the economic analysis of the housing market, such as Housing structural indicators (Stock of dwellings, Type of tenure, Occupancy status) and Construction indicators (Building permits, Housing starts, Housing completions and Production in construction).

 

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