House Price Index (HPI)
The House Price Index (HPI) measures the changes in the transaction prices of residential properties, both newly built and existing, purchased by households. Methodological background information is given in the Handbook on Residential Property Prices Indices.
As the developments in the housing markets are considered to have broader macroeconomic implications, the House Price Index is included in the set of indicators in the Macroeconomic Imbalances Procedure Scoreboard (MIP).
House Sales cover the total value of dwellings transactions at national level (both houses and flats) where the purchaser is a household. House Sales indicators complement the data on the House Price Index in order to offer a more comprehensive picture of the housing market.
Owner-Occupied Housing Price Index (OOHPI)
The Owner-Occupied Housing Price Index (OOHPI) measures the changes in the transaction prices of dwellings purchased for own-use and the cost of all goods and services that households purchase in their role as owners-occupiers of dwellings. As the index is based on the net acquisitions approach, only purchased dwellings that are new to the household sector are covered, while transactions between households are excluded.
Data compilation and dissemination
Data collection for HPI, OOHPI and House Sales is carried out by the National Statistical Institutes. Data sources for prices are: administrative sources, bank (mortgage) data, construction companies' records, real estate agents, etc.
The aggregate HPI for the euro area and the EU is compiled by Eurostat based on the national HPIs.
Macroeconomic Imbalances Procedure Scoreboard
The Macroeconomic Imbalances Procedure (MIP) Scoreboard is a set of early warning indicators for monitoring macroeconomic imbalances. The alert system is based on indicators that cover the major sources of macroeconomic imbalances with their respective 'alarm thresholds'.
For more details on MIP indicators, see the Macroeconomic Imbalances Procedure Indicators webpage.