Global House Prices recover as Europe and Asia remain subdued

London: April 26th 2024 – ASR’s Global House Price Index (HPI) – rose 3.2% over the past year (Chart 1) – its best year-on-year gain since December 2022. Our US House Price Index is up 6.2% YoY, with a 6m seasonally adjusted annualised rate of 3.9%, implying that, despite the rebound, house price growth in the US has slowed in recent months.

We have made changes to our European indices so that they now include more countries. This will give us a more accurate picture on the European housing market. Our new EU index is up 2.2% over the past year with Ireland, Spain and the Netherlands performing particularly strongly. Germany and Finland, however, are two of the worst performing countries in the index, with year-on-year declines of 1.5% and 2.1% respectively.

We have also introduced an Asia Pacific Index which will allow us to better understand the housing markets outside of the US and Europe. Despite seeing 3.8% year-on-year growth, the Asia Pacific has been the worst performing region for House Prices over the past six months, with prices falling 3.9% on an annualised rate (Table 1). This is, in part, due to the ASR New Zealand House Price Index falling -7.6% on a 6m annualized basis, which has weighed on the regional index significantly.

To view the full press release, please see HERE