Home prices show mixed trends in latest quarter

In the latest findings released by the Statistical Service, the House Price Index (HPI) has shown a mixed pattern in the fourth quarter of 2023. The HPI, which measures changes in residential property prices, increased by 1.6% compared to the same period in 2022. However, it saw a decrease when compared to the preceding quarters of 2023.

The preliminary estimate places the HPI for the fourth quarter of 2023 at 109.95 units. This represents a 0.6% decrease from the third quarter of 2023 but reflects a 1.6% increase from the fourth quarter of 2022.

To put this in perspective, the HPI stood at 110.31 units in the first quarter of 2023 and slightly decreased to 110.15 units in the second quarter of the same year.

The House Price Index serves as a vital indicator for understanding the fluctuations in property values, providing valuable insights into trends in the housing market.