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 third quarter of 2023 the HPI (see Italian IPAB) remained stable compare with the previous quarter and increased by 1.8% compared with the same quarter of the previous year (it was +0.6% in the second quarter 2023).
The increase on annual basis of HPI was due to both the prices of new dwellings which rose by 8.0% (accelerating from +0.5% registered in the previous quarter) and those of existing dwellings (+0.5% in slight deceleration from +0.7% in the second quarter).
The increase of HPI occured in the context of a decline of the sales volumes (it was -10.4% the annual rate of change registered for the residential sector in the third quarter of 2023 by the Observatory of Real Estate Market belonging to Tax Office, up from -16.0% of the previous quarter).
The stability on quarterly basis of the HPI was due to opposite dynamics as, on the one hand, the prices of new dwellings increased (+1.6%) while, on the other hand hand, those of existing dwellings decreased (-0.4%).
On average, in the first three quarters of 2023, compared to the same period of 2022, the house prices increased by 1.2% with the prices of new dwellings that increased by 4,5% and those of existing ones that grew by 0.5%.
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