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 investment.
According to preliminary estimates, in the second quarter of 2023 the HPI (see Italian IPAB) increased by 2.0% compared with the previous quarter and by 0.7% compared with the same quarter of the previous year (it was +1.0% in the first quarter 2023).
The increase on annual basis of HPI was due to both the prices of new dwellings which rose by 0.5% (decelerating from +5.3% registered in the previous quarter) and those of existing dwellings (+0.8% in slight acceleration from +0.3% in the first quarter).
The increase of HPI occured in the context of a decline of the sales volumes (it was -16.0% the annual rate of change registered for the residential sector in the second quarter of 2023 by the Observatory of Real Estate Market belonging to Tax Office, down from -8.3% of the previous quarter).
Also the increase on quarterly basis of the HPI was driven by both the prices of new dwellings, that rose by 2.0%, and those of existing dwellings which increased by 1.9%.
In the second quarter of 2023, HPI increased on quarterly basis in all the geographical areas. However, the annual rates of change exhibit different evolutions at the local level: in the North of Italy, the house price index showed an increase (+2.5% in the North-Weast and +1.1% in the North-East); at the opposite, in the Center and in the South and Islands, HPI decreased respectively by -0.7 and -1.5% as compared to the second quarter 2022.
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