Residential Property Price Indices (RPPIs), also called House Price Indices (HPIs), 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.
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:
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.
You can use the OECD interactive tool to see how house prices have evolved over time in different countries, regions and cities: https://oecd-main.shinyapps.io/House_price_indices/
Note that this tool is not supported by Internet Explorer.
More specifically on regional RPPIs series,
RPPIs are usually available at annual and quarterly frequency. For Canada, Ireland, Iceland, Israel, Japan, Korea, Turkey, United Kingdom, China, and South Africa, they are also available at monthly frequency.
The OECD updates RPPIs for OECD countries and non-OECD members on a monthly basis following the RPPI release calendar of each country.
RPPIs at national level for Denmark, Hungary, Ireland, Norway, Poland, Spain, Sweden, the European Union and the euro Area are directly collected from Eurostat and the updating process follows the House Price Index Release calendar for Euro Indicators.
The OECD aims to publish three Headline Indicators for all OECD and G20 countries:
A further breakdown by type of dwelling may also be available (note that the classification and terminology may differ significantly from one country to another):
As shown in Table 1 (PDF), RPPI Total, RPPI New and RPPI Existing are available for 25 OECD countries at national level (Austria, Belgium, Czech Republic, Denmark, Estonia, Finland, France, Germany, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Mexico, Netherlands, Norway, Poland, Portugal, Slovak Republic, Slovenia, Spain, Sweden, Turkey, and United Kingdom). Some countries only publish one or two of these indicators. For example, only RPPI Total is available for Australia, Chile, Colombia, Island, Japan, New Zealand, the European Union and the Euro area. Israel publishes both RPPI Total and RPPI New, while Korea publishes only RPPI existing.
For Canada, Greece, Switzerland, and the United-States, none of these three indicators is currently available. An alternative Headline Indicator has therefore been selected:
As shown in Table 1-bis (PDF), all non-OECD G20 countries publish one of the three Headline Indicators:
Methodological limitations and comparability issues may exist for RPPIs published by non-OECD G20 countries. They are described in detail in Metadata.
The OECD aims to publish, for all OECD and G20 countries, national and regional RPPIs whenever possible.
All OECD and G20 countries except the following ones publish RPPIs covering the whole country:
At regional level, the available RPPIs are classified according to the OECD Territorial Level (TL) classification whenever possible. The 394 OECD large regions (TL2) represent the first administrative tier of subnational government, for example, the Ontario Province in Canada. The 2258 OECD small regions (TL3) correspond to administrative regions, with the exception of Australia, Canada and the United States. This classification is largely consistent with the Eurostat NUTS 2016 for European countries.
27 OECD countries publish RPPIs at subnational level (see Table 2 - PDF)
Calculating real house price growth, i.e. controlling for national general inflation, allows for a more meaningful comparison of house price dynamics across countries. The recommended deflator is the deflator of final consumption expenditure of households, compiled according to the 2008 System of National Accounts (SNA). It is important to note that this deflator is typically only available at national level, meaning that the same deflator is used for all regions within a given country, and therefore, that heterogeneity in consumer price dynamics across the different regions of a country is neglected.
This deflator is included in the National and Regional House Price Indices (NRHPI) dataset.
The OECD publishes all RPPIs 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). In such cases, these indices are re-referenced by the OECD to 2015=100.
The OECD also uses RPPIs to compile house price evolutions: 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 RPPI:
For most countries, the available RPPIs are not seasonally adjusted. Only, Denmark, France, Norway and the United Kingdom published both the seasonally and non-seasonally adjusted RPPIs. For these countries, the following seasonally adjusted RPPIs are available in the NRHPI dataset:
South Africa only publishes the seasonally adjusted version of its RPPI Total.
2. The RPPIs published in the dataset Analytical house price indicators are all seasonally adjusted. 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 the X12-Arima procedure.
The most comprehensive methodological information on RPPIs is usually available from the official statistical agencies compiling these indices. For each country, a summary and a link to the original methodological information is available here.
International statistical guidelines for the compilation of RPPIs are available in the Handbook on Handbook on Residential Property Price Indices, ILO, IMF, OECD, UNECE, Eurostat, World Bank (eds.), (2013), Luxembourg.
In addition to RPPIs, related housing indicators are also collected by the OECD. The following indicators are currently available:
The CPI for housing covers the COICOP 04.1, Actual rentals for housing, COICOP 04.2, Imputed rentals for housing & COICOP 04.3, Maintenance and repair of the dwelling).When imputed rentals for housing (COICOP 04.2) is not available, the CPI for Housing excluding imputed rentals for housing is instead available. It is the case, for Belgium, Chile, Estonia, France, Greece, Hungary, Italy, Korea, Latvia, Lithuania, Luxembourg, Poland, Portugal, Slovenia, Spain and Turkey.
In the future, other related indicators, 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) will also be collected.