In the first quarter of 2024, it is substantially the annual growth in prices of homes purchased by families stabilizedinterrupting the slowdown phase that began in the second half of 2022. Growth is fueled above all bytrend in prices of new homes which increase by 5.4% on an annual basis, while prices of existing homes grow by only 0.8%.
The data are the result of Istat analysis, which highlights how the number of house sales in the first quarter of 2024 still records a reduction throughout the country.
In Q1 ’24 prices -0.1% on the quarter, +1.7% y/y
According to preliminary estimates, in the first quarter of 2024 the price index of homes (IPAB) purchased by families, for housing or investment purposes, decreased by 0.1% compared to the previous quarter e increases by 1.7% compared to the same period of 2023 (it was +1.8% in the fourth quarter of 2023).
The trend increase in IPAB is mainly attributable to new home prices growing by 5.4% (decelerating compared to +8.8% in the previous quarter) and to a lesser extent to the prices of existing homes which rose by 0.8% (accelerating).
These trends occur in a context of decline in trading volumes (-7.2% trend decrease recorded in the first quarter of 2024 from the Real Estate Market Observatory of the Revenue Agency for the residential sector, after -3.3% in the previous quarter).
On a cyclical basis, the slight decline in IPAB (-0.1%) is solely attributable to the prices of new homes which decreased by 1.7%, while those of existing homes recorded a slight growth (+0.2%).
The acquired IPAB rate of change for 2024 is equal to +0.3%, the synthesis of an increase of 2.1% for new homes and a reduction of 0.2% for existing homes.
With the data for the first quarter of 2024, the weights used to calculate the price indices for new and existing homes were updated, as usual. In particular the weight of new homes decreases slightly to 17.36% (it was 17.72% in 2023) while that relating to existing homes is equal to 82.64% (82.28% last year)
