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 fourth quarter of 2023 the HPI (see Italian IPAB) remained stable compared with the previous quarter and increased by 1.8% compared with the same quarter of the previous year (it was +1.7% in the third quarter).
The increase on annual basis of HPI was mainly due to the prices of new dwellings, which grew by 8.9%, speeding-up from the previous quarter (it was +7.9%) and to a more limited extent to the prices of existing dwellings which recorded a slight increase (+0,3%).
These trends of HPI occured in a context of a slowdown in sales volumes (it was -3.3% the annual rate of change registered for the residential sector in the fourth quarter of 2023 by the Observatory of Real Estate Market belonging to Tax Office, from -10.5% of the previuos quarter).
The stability of the HPI on quarterly basis was due to opposite dynamics as, on the one hand, the prices of new dwellings increased (+3.6%), while, on the other hand, those of existing dwellings decreased (-0.8%).
On average, in 2023, house prices increased by 1.3% due to the evolution of both prices of new dwellings (+5.6%) and of those of existing ones (which account for more than 80% on the aggregate index), which increased by 0.4%.
In the fourth quarter 2023, house prices rose on annual basis in all macro-regions. The increase was larger in the North-East and in the South and Islands (+2.4% and +2.3% respectivelly) and more limited in the North-West (+1.7%) and in the Center (+1.0%).
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