House prices (provisional)- Q2 2024

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 2024 the HPI (see Italian IPAB) increased by 3.2% compared with the previous quarter and by 2.9% compared with the same quarter of the previous year (it was +1.6% in the first quarter 2024).

The increase on annual basis of HPI was due to both the prices of new dwellings which rose by 8.1% (accelerating from +5.3% registered in the previous quarter) and those of existing dwellings (+1.9% in acceleration from +0.8% in the first quarter).

The increase of HPI occured in the context of slight recovery of the sales volumes (it was +1.2% the annual rate of change registered for the residential sector in the second quarter of 2024 by the Observatory of Real Estate Market belonging to Tax Office, up from -7.2% of the previous quarter).

The increase on quarterly basis of the HPI (+3.2%) is also attributable to both the prices of new and existing dwellings, increasing by 4.8% and 2.9% respectively.

In the second quarter of 2024, HPI increased in all the geographical areas. The highest trend growth is recorded in the South and Islands (+3.9%) driven by the prices of new dwellings, which increased by 9.5%.  This was followed by the North-East (from +1.6% to +3.7% ), the North-West (from +1.9% to +2.5%) and the Center (from +0.6% to +2.2%).