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House Price Indices

House Price Indices. Laurs Nørlund Director – National Accounts, Prices and Key Indicators Eurostat - European Commission. Housing in our life. House Prices ?. Need for real estate price statistics. G20 Conference of Senior Officials – March 2011

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House Price Indices

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  1. House Price Indices Laurs Nørlund Director – National Accounts, Prices and Key Indicators Eurostat - European Commission
  2. Housing in our life HousePrices?
  3. Need for real estatepricestatistics G20 Conference of Senior Officials – March 2011 « nextcrisiswill come from land prices … »
  4. Real estate prices played a major role in the financial crisis - bubble and effects on sub-primes but harmonised statistics on real estate prices (residential and commercial properties) were not available
  5. Reaction of the official statisticalcommunity G-20 Data Gaps Initiative Challenge Detect, assess and forecast real estate prices Timeliness and reliability Set up a system
  6. Principal EuropeanEconomicIndicators consumer prices < national accounts < short-term business statistics < labour market < external trade < housing indicators <
  7. House Price Indices - HPIs Changes in the HPIs measure housing inflation HPIs describe the price development of all residential properties purchased by households HPIs cover both newly built and existing properties
  8. Challenges in measuringHouse Price Indices Availability of data on dwelling purchases Pricesbased on transactions Properties are usuallynot soldveryoften
  9. Challenges in measuringHouse Price Indices Paris Dwelling characteristics: Type of dwelling Size Location
  10. Challenges in measuringHouse Price Indices Heterogeneity Virtually every dwelling is different In particularacross Europe Need for quality adjustment
  11. The answer:create a new official statistics Methodologicalframework Pilot projects Legalframework Regular compilation
  12. Methodological and legal frameworks Methodology Handbook on ResidentialProperty Price Indices Practical compilation manual Legislation
  13. Compilation
  14. Methodology
  15. Whatisreleased? House price indices euro area EU Member States Annual and quarterlygrowth rates Indices
  16. House Price IndicesEuro area and EU – 2010=100
  17. Different dynamics – HPIs, 2010=100
  18. Differences across countries
  19. Who will use the new figures? Markets EUROPEAN COMMISSION .. and citizens
  20. Uses: Macroeconomic Imbalance Procedure Deflated HPI Nominal HPI divided by household final consumption deflator Alertthreshold: +6%
  21. Uses: links with other indicators
  22. When? In 2013 2012Q4: 11/04 2013Q1: 11/07 2013Q2: 10/10 Quarterly releases Member States transmit data to Eurostat within90 daysafter the end of the reference quarter Figures willbereleasedaroundT+95/100daysafter the end of the reference quarter Pre-announced in the Euroindicators release calendar
  23. Future developments Breakdown in newand existingdwellings House sales Handbook on Commercial Property Price Indicators
  24. Thankyou for your attention!
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