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Globalization & Monetary Policy Institute

International House Price Database

  • About the Database
  • Data
  • Methodology
  • Charts
  • External Resources
  • FAQs

About the International House Price Database

The Globalization and Monetary Policy Institute of the Federal Reserve Bank of Dallas produces an international house price database, which comprises quarterly house price and personal disposable income (PDI) series for a number of countries. All data series begin in first quarter 1975.

We select a house price index for each country that is most consistent with the quarterly U.S. house price index for existing single-family houses produced by the Federal Housing Finance Agency. We extend the preferred series for each country back to first quarter 1975 either with historical data or with data from secondary sources. Each country’s house price index is seasonally adjusted over the entire sample period with an unobserved components time series model and then rebased to 2005 = 100.

PDI series are quoted in per capita terms using working-age population. Both the house price and PDI series are quoted in nominal and real terms. Real values are computed using the personal consumption expenditure deflator.[1] For each series, we produce a weighted average of all countries in the database, using purchasing power parity-adjusted gross domestic product shares in 2005.

A detailed description of the sources and methodology can be found in Mack and Martínez-García (2011)PDF, which is updated whenever modifications to the database occur. We would appreciate that anyone wishing to use this dataset, modified or otherwise, acknowledge the source of the data with a citation of the working paper and this webpage: for example, including a statement such as: “The authors acknowledge use of the dataset described in Mack and Martínez-García (2011).”

Release Dates

The international house price database is updated on a quarterly basis. New datasets are posted with a three-month lag to ensure a sufficient number of new country observations in each quarterly release. When new observations are not yet available, we complete the series with our own forecasts. Those forecasts are replaced in subsequent revisions as the corresponding quarterly observations become available.

Last Quarter Included

Data Release Date

First quarter 2014

First week of July 2014

Second quarter 2014

First week of October 2014

Third quarter 2014

First week of January 2015

Fourth quarter 2014

First week of April 2015

Note
  1. See "Deflating Nominal Values to Real Values," DataBasics, Federal Reserve Bank of Dallas.

Download the Data

2014

  • First Quarter 2014Esettlxcel
    NOTE:
    The house price index (HPI) for Canada has been revised. Starting in 2005, the series is based on the MLS Home Price Index from the Canadian Real Estate Association, which is more timely and better reflects underlying changes in house prices. This will affect the nominal and real HPI series for the 2014:Q1 release and all subsequent data releases. Personal disposable income (PDI) for Croatia has been replaced starting in 2002 with integrated national accounts data from Eurostat to facilitate comparability across countries. The nominal PDI series for Belgium has been corrected: data were not consistently adjusted for working-age population in previous releases. This will affect the nominal and real PDI series for the 2014:Q1 release and all subsequent data releases.

2013

  • Third Quarter 2013Excel | Exuberance IndicatorsExcel
    NOTE: The house price index (HPI) for Ireland has been revised. This will affect the nominal and real HPI series for the 2013:Q3 release and all subsequent data releases. Starting in 2005 the series incorporates the hedonic price index produced by the national statistics office, which better reflects underlying changes in house prices.
  • Second Quarter 2013Excel | Exuberance IndicatorsExcel
    NOTE:
    Several changes have occurred with the 2013:Q2 release. Croatia is now included in the database and has been incorporated in the aggregate indexes. The personal disposable income (PDI) series for Croatia is proxied with available household income produced by the Croatian Bureau of Statistics, which measures household earnings plus benefits less taxes. This series is extended using monthly earnings—also produced by the Croatian Bureau of Statistics. The HPI series is constructed using current data from the Croatian Central Bank. The index is constructed using the hedonic method and includes prices for all types of dwellings. This is extended using a price series from the Croatian Bureau of Statistics, which includes only new dwellings. PDI data for Luxembourg are now available from 2006–11, resulting in a substantial revision of our previous estimates of the series since 2007. The real house price index (RHPI) and real personal disposable income (RPDI) series for Croatia were revised on Oct. 15, 2013 to correct an error in the personal consumption expenditure (PCE) deflator data. This modification also affects the corresponding aggregate series.
  • First Quarter 2013Esettlxcel
    NOTE:
    Several changes have occurred with the 2013:Q1 release, which will affect all subsequent releases: The Canadian house price index has been changed. An alternative source is used to obtain house prices from 2010:Q1 onward due to a lapse in current data from the previous source. Also, the national index is now calculated as a weighted average of the 10 metropolitan areas of Canada over the entire period, using fixed population shares from the 2011 census. The historical house price series for Italy between 1975 and 1987 has been revised. The national aggregate now represents a weighted average of the 13 metropolitan areas, pre-1987, using fixed population shares from the 1982 Census. Also, interpolation to a quarterly frequency is done by steps as series are spliced together at the higher frequency. The PDI series for New Zealand has been revised now that we have personal disposable income data reported at quarterly frequency starting in 1998:Q4. The PDI series for South Africa has been revised now that we have working age population reported at quarterly frequency starting in 2008:Q1. The PDI series for Luxembourg has been revised as well. An upward revision for Luxembourg’s net national disposable income has produced a significant shift in the PDI per capita series starting in 2010.

2012

  • Fourth Quarter 2012Excel
  • Third Quarter 2012Excel
    NOTE: Two changes have occurred with the 2012:Q3 release, which will affect all subsequent releases: First, to control for seasonality and excess volatility in some of the PDI series, we now estimate the series with a structural time series model in state-space form. This model allows us to identify and systematically extract the seasonal and excessively volatile components of the data. Second, in cases where national data are not available at the scheduled time of our release, we now provide forecast estimates.
  • Second Quarter 2012Excel
  • First Quarter 2012Excel
    NOTE:
    Several changes have occurred with the 2012:Q1 data release, which will affect all subsequent releases. We no longer rely on the Organization for Economic Cooperation and Development (OECD) Outlook database for current personal disposable income data, but have reconstructed most series using data from national sources and Eurostat. Luxembourg and South Africa are now included in the database. Both countries are included in all four aggregate series. The time coverage of Luxembourg’s disposable income data is limited. Therefore, the PDI series for Luxembourg is inferred through Belgian data. 2012:Q1 and 2012:Q2 data have been released concurrently due to the lagged release caused by these data revisions.

2011

  • Fourth Quarter 2011Excel
  • Third Quarter 2011Excel
  • Second Quarter 2011Excel
    NOTE: The second quarter 2011 data have been revised. The nominal PDI data for Canada were not indexed to 2005 = 100 in the original release of the data, which affects both the Canadian series and the OECD-19 aggregate series. Therefore, we offer a revised version, with the Canadian series indexed to 2005 = 100, using the same vintage of data as the original release.

Methodology

Table of Contents

Related Reading

Charts

The following charts provide a snapshot and overview of the real (inflation-adjusted) house price and personal disposable income data from first quarter 1975 to second quarter 2012 for all countries included in the database. The real house price data is the index of the relative price of residential housing over the private consumption expenditures (PCE) deflator. Personal disposable income data is the index of income available to households from all sources (participation in production, assets and current transfer receipts), net of the income taxes paid to the government. These charts include indicators of contraction to show periods of sustained decline in the data, as well as the indexes for real house prices and real personal disposable income in levels and growth rates. The corresponding interquartile range of the growth rates of all countries is added to illustrate the dispersion of the data across countries.

Charts 1A and 1B compare contraction periods of real house prices with downturns in real household disposable income.

NOTE: Colored bars indicate contraction (peak to trough), determined using the Bry and Boschan (1971) classical cycle dating approach implemented in Harding and Pagan (2002). Black indicates contractions of the all-country aggregate; red, the U.S.; and blue, all other countries in the database. Restrictions are imposed to avoid spurious cycles, so each phase of expansion and contraction must last at least three quarters for real house prices and two quarters for real personal disposable income.

Charts 2A and 2B plot the index levels of real house prices and real personal disposable income for an aggregate of all countries included in the panel, an aggregate that excludes the U.S., and for the U.S. series itself.

NOTE: Shaded areas indicate contraction (peak to trough) of the aggregate real house price index, determined using the Bry and Boschan (1971) classical cycle dating method implemented in Harding and Pagan (2002). Each phase of expansion and contraction must last at least three quarters for real house prices, to avoid spurious cycles.

Charts 3A and 3B plot the year-over-year growth rates of real house prices and real personal disposable income for an aggregate of all countries included in the panel, an aggregate that excludes the U.S., and for the U.S. series itself.

NOTE: Shaded areas indicate contraction (peak to trough) of the aggregate real house price index, determined using the Bry and Boschan (1971) classical cycle dating method implemented in Harding and Pagan (2002). Phases of expansion and contraction must last at least three quarters for real house prices, to avoid spurious cycles. The interquartile range refers to the difference between the upper and lower quartiles (the highest and lowest 25 percent) of the growth rates across all countries.

References

Bry, Gerhard and Charlotte Boschan (1971), "Cyclical Analysis of Time Series: Selected Procedures and Computer Programs," National Bureau of Economic Research Technical Paper 20. Harding, Don, and Adrian Pagan (2002), "Dissecting the Cycle: A Methodological Investigation," Journal of Monetary Economics 49 (2): 365–81.

External Resources

Partners

The Federal Reserve Bank of Dallas’ Globalization and Monetary Policy Institute collaborates with a number of highly respected scholars and foreign institutions to research country-specific sources and datasets. We would like to acknowledge the contributions made by our international partners:

  • University of Zagreb, Faculty of Economics and Business, Department of Macroeconomics and Economic Development Offsite
    Founded in 1669, the University of Zagreb is a leading university in southeastern Europe with a strong program in economics. The department of macroeconomics and economic development within Economics and Business has a long-standing history in the study of macroeconomics and development with a special focus on Croatia.
  • Lancaster University, Management School, Department of Economics Offsite
    The department of economics at Lancaster University in the U.K. has a strong research orientation, with interests spanning a wide area of theoretical and applied issues, including education economics, labor economics, industrial organization, international trade, macroeconomics, investment, finance, economic development, applications of nonlinear time series and business history.
  • Bank of Israel, Research DepartmentOffsite

    The Bank of Israel, established in 1954, is the central bank of the state of Israel. The various departments in the bank, and in particular the research department, help the governor of the bank and the Monetary Committee in conducting monetary policy and in assessing the Israeli government's policy by monitoring and analyzing economic developments and by creating a research infrastructure for informed policy decisions. Research and economic analysis within the research department follows three routes: monitoring and analyzing current developments in the economy; initiating economic policy proposals in accordance with the changing needs of the economy; and conducting studies into various aspects of Israel's economy. The latter are published in the bank's discussion paper series and in Israel Economic Review, published jointly with the Israel Economic Association, and in other publications in Israel and abroad.

Data

FAQs

For additional information, consult the methodology.

In what units are the house price index (HPI) and personal disposable income (PDI) series reported?
The HPI series is an index constructed with nominal house price data. The real house price index (RHPI) is an index calculated by deflating the nominal house price series with a country's personal consumption expenditure (PCE) deflator.

The PDI is an index constructed with nominal personal disposable income per capita, which is personal disposable income divided by a country’s working-age population. The real personal disposable income (RPDI) is an index calculated by deflating the nominal series with a country’s PCE deflator.

The underlying series for house prices and personal disposable income are quoted in the local currency (for example, the HPI and PDI series for Australia are quoted in Australian dollars).

For a summary of the reported units for each country’s HPI series, see Table B.2PDF in the methodology.

For a more detailed discussion on how to interpret an index series, see the DataBasics article "Indexing Data to a Common Starting Point."

Is it possible to obtain the un-indexed HPI and PDI series?
We are unable to provide data not currently included in the database. In some cases these data can be obtained directly from the national source. More details are provided in the country-specific information of the methodology.

Is it possible to obtain data starting before 1975?
We are unable to provide data not currently included in the database. In some cases these data can be obtained directly from the national source. More details are provided in the country-specific information of the methodology.

Is it possible to obtain data for other countries?
We are unable to provide data not currently included in the database. Links to house price data for other countries can be found in our external resources section.

What is the difference between the real and nominal series?
The RHPI and RPDI series are constructed by deflating the respective nominal series with a country's PCE deflator. For a more detailed discussion on deflation, see the DataBasics article "Deflating Nominal Values to Real Values."

How does your benchmark HPI series, the U.S. Federal Housing Finance Agency (FHFA) HPI, differ from the S&P/Case-Shiller Home Price Index?
a. The S&P/Case-Shiller index is constructed using only purchase prices; the FHFA HPI also includes refinance appraisals.

b. The FHFA index measures house prices using data on conforming, conventional mortgages provided by Fannie Mae and Freddie Mac. The S&P/Case-Shiller index uses information obtained from county assessor and recorder offices, which includes conforming and nonconforming mortgages.

c. The S&P/Case-Shiller index is value-weighted, so more expensive homes have a greater influence on estimated price changes. The FHFA index weights price trends equally for all properties.

d. The S&P/Case-Shiller index does not have valuation data from 13 states. The FHFA index is calculated using data from all states.

Adapted from the FHFA's "Housing Price Index Frequently Asked Questions."off-site

Contact Information

For questions, comments or suggestions about the data or the webpage, please contact the authors at:

Enrique Martínez-García: enrique.martinez-garcia@dal.frb.org
Adrienne Mack: adrienne.mack@dal.frb.org
Valerie Grossman: valerie.grossman@dal.frb.org

 

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