The House Price Index (HPI) measures the evolution of market prices of all residential properties that are purchased by households (flats, detached houses, terraced houses, etc.), both new and existing, independently if bought for own-occupancy or as an investment.
According to preliminary estimates, in the first quarter of 2022 the HPI (see Italian IPAB) increased by 1.7% compared with the previous quarter and by 4.6% compared with the same quarter of the previous year (it was +4.0% in the fourth quarter of 2021).
The increase on annual basis of HPI was due to both the prices of new dwellings, which grew by 5.0% (slightly slowing down from the previous quarter when it was +5.3%), and those of the existing dwellings that rose by 4.5% (a speed-up compared to +3.7% registered in the fourth quarter of 2021).
The increase of HPI occured in the context of a clear and persistent growth in sales volumes (it was +12.0% the annual rate of change registered for the residential sector in the first quarter of 2022 by the Observatory of Real Estate Market belonging to Tax Office, from +15.7% of the previous quarter).
Also the increase on quarterly basis of the HPI was due to both the prices of new dwellings, that rose by 0.7%, and those of existing dwellings which increased by 1.9%.
With the release of HPI for the first quarter of 2022, corresponding weights, as usual, are updated and disseminated. In particular, the weight of new dwellings amounts to 16.2% (it was about 35% in 2010) against 83.8% (it was about 65% in 2010) of the existing ones.