The Residential Property Price Index (RPPI) is designed to measure the change in the average level of prices paid by households for residential properties sold in Ireland. It specifically excludes non-household purchases, non-market purchases and self-builds (i.e. where the land is purchased separately). The index is mix-adjusted to allow for the fact that different types of property are sold in different months.
A house purchase usually represents a households single biggest purchase. For sellers, changes in house prices have a significant impact on the wealth of property owners. For buyers, increasing prices may indicate that homeownership is becoming less attainable for many potential homebuyers. Changes in house prices can also have a considerable effects on the rest of the economy, particularly on consumer spending.
This sub-section showcases quarterly and monthly data on the residential property price index as well as the median sale price for homes across the state. The indicators look at general data for the RPPI through 3 different variables - National (All Residential Properties), National excluding Dublin (All Residential Properties), and Dublin (All Residential Properties). The indicators also show RPPI data by new and existing dwellings.