Organisation for Economic Co-operation and Development

Residential Property Prices Indices (RPPIs) – also named House price indices (HPIs), are index numbers that measure the prices of residential properties over time. RPPIs are key statistics not only for citizens and households across the world, but also for economic and monetary policy makers. They can help, for example, to monitor potential macroeconomic imbalances and the risk exposure of the household and financial sectors. This dataset covers the 34 OECD member countries and some non-member countries. In addition to the nominal RPPIs it contains information on real house prices, rental prices and the ratios of nominal prices to rents and to disposable household income per capita. This dataset contains quarterly statistics for each country. House prices differ widely across OECD countries, both with respect to recent changes and to valuation levels. The OECD has identified one main nominal index for each country that covers the prices for the sale of newly-built and existing dwellings. The datasets “Analytical house price indicators” and “Residential Property Price Indices (RPPIs) – Headline Indicators” refer to the same price indices for all countries apart from Brazil, Canada, China, the United States and the Euro area. These differences are further documented in country-specific metadata. For the United States, the series used in “Analytical house price indicators” is included in the dataset called “Residential Property Price Indices (RPPIs) – Complete database”, but is not the headline indicator. For all other countries, non-seasonally adjusted price indices in both datasets are identical in the period in which they overlap. This research dataset provides extended time series coverage for many countries. The objective is to provide information on the long term trend of house prices and develop indicators which can be used to help track and analyse macroeconomic developments and risks. The extended data supplement the OECD RPPI data with historical data from a variety of sources, including other international organisations, central banks and national statistical offices. The methodological basis on the historical data and the types of geographical areas and dwellings they cover can differ from those used in the OECD RPPI data. The database contains a number of additional series. Real house prices are given by the ratio of seasonally adjusted nominal house prices to the seasonally adjusted consumers’ expenditure deflator in each country, from the OECD national accounts database. This provides information on how nominal house prices have changed over time relative to prices in the general economy. The rental prices come from the OECD Main Economic Indicators database and refer to Consumer Price Indices (CPIs) for Actual rentals for housing (COICOP 04.1). If this indicator is missing for a country, another indicator is chosen. The chosen indicator are usually those corresponding to the CPI aggregate for Housing including Actual rentals for housing (COICOP 04.1), imputed rentals for housing (COICOP 04.2) and Maintenance and repair of the dwelling (COICOP 04.3). The disposable income indicators come from the OECD national accounts database. Net household disposable income is used. The population data come from the OECD national accounts database. The price-to-rent ratio is given by the ratio of nominal house prices to rental prices. This is a measure of the profitability of owning a house. The price-to-income ratio is given by the ratio of nominal house prices to nominal household disposable income per capita. This is a measure of the affordability of purchasing a house. An indication that house prices may be overvalued is provided if either of these ratios is above their long-term averages. The standardised price-rent and price-income ratios show the current price-rent and price-income ratios relative to their respective long-term averages. The long-term average, which is used as a reference value, is calculated over the whole period available when the indicator begins after 1980 or 1980 if the indicator is available over a longer time period. The standardised ratio is indexed to a reference value equal to 100 over the full sample period. Values over 100 indicate that the present price-rent ratio, or price-income ratio, is above its long-run norms. This provides an indication of possible housing market pressures.

This dataset contains monthly Comparative Price Levels (CPL) for OECD countries. CPLs are defined as the ratios of PPPs for private final consumption expenditure to exchange rates. They provide measures of differences in price levels between countries. The monthly PPPs used to derive the table are OECD estimates. The table is to be read vertically. Each column shows the number of specified monetary units needed in each of the countries listed to buy the same representative basket of consumer goods and services. In each case the representative basket costs a hundred units in the country whose currency is specified. Let’s take an example. If you are a Canadian citizen and you want to know the price level in Canada when compared to other countries, you have to look at the column Canada, where the price level is set at 100 for the whole column. If you have 120 for Finland, it means that the price level in Finland is 20% higher than in Canada. It means that you would spend 120 dollars in Finland to buy the same basket of goods and services when you spend 100 in Canada.

Residential Property Prices Indices (RPPIs) – also named House price indices (HPIs), are index numbers that measure the price of residential properties over time. RPPIs are key statistics not only for citizens and households across the world, but also for economic and monetary policy makers. Among their professional uses, they serve, for example, to monitor macroeconomic imbalances and risk exposure of the financial sector. This dataset covers the 34 OECD member countries and some non-member countries. Please note that not all RPPIs are available for all countries. For instance, the RPPI at the most aggregate level for the United States only covers single-family dwellings, not all types of dwellings as it is the case for most other OECD countries. This dataset presents, for each country, the RPPI that is available at the most aggregate level. It mainly contains quarterly statistics. The dataset called “Residential Property Price Indices (RPPIs) – Complete dataset” contains the full list of available RPPIs. The dataset called “Analytical house price indicators” contains, in addition to nominal RPPIs, information on real house prices, rental prices and the ratios of nominal prices to rents and to disposable household income per capita. The datasets “Analytical house price indicators” and “Residential Property Price Indices (RPPIs) – Headline Indicators” do not refer to the same price indices for Brazil, Canada, China, Germany, the United States and the Euro area. These differences are further documented in country-specific metadata. For the United States, the series used in “Analytical house price indicators” is included in the dataset called “Residential Property Price Indices (RPPIs) – Complete database”, but is not the headline indicator. For all other countries, non-seasonally adjusted price indices in both datasets are identical in the period in which they overlap.For all other countries, non-seasonally adjusted price indices in both datasets are identical on the overlapping period.