7 January 2019

2019- n° 311

Pursuit of the rise of second-hand dwellings in Q3 2018 Notaries-INSEE second-hand dwellings price index - third quarter 2018

In Q3 2018, prices of second-hand dwellings in France (excluding Mayotte) were still increasing: +1.0% compared to Q2 2018 (provisional seasonally adjusted results), after +0.5%.

Over a year, the rise of prices is stable at +2.9%. As observed since the end of 2016, this increase was mainly due to flat prices: +3.3% over the year, against 2.6% for houses.

In Q3 2018, prices of second-hand dwellings in Île-de-France continued to rise: +1.0% compared to Q2 2018, after +1.1%.

Year on year, prices were increasing at a quite slower pace than observed the quarters before: +3.5%, after +4.1%. The rise of the flat prices pursued, with a slight slowdown: +4.2% over a year (+6.2% for flats in Paris), after +4.9%. The house prices in Île-de-France, whose rise is less important,  also decelerated: +2.0% after +2.5% the quarter before.

In Q3 2018, the rise of prices of second-hand dwelling in provincial France increased by 1.0% compared to the previous quarter, after +0.3%.

Over one year, the prices increased by +2.7% after +2.3% and 2.4%. The annual rise was equivalent for houses (+2.7%) than for flats (+2.6%). The rise of prices in provincial France was less strong than the rise observed in Île-de-France (+3.5%), but exceeded this quarter the rise in Île-de-France excluding Paris (+2.2%).

In Q3 2018, the annual volume of transactions remained at a high level: in September, the number of transactions carried out over the last twelve months was 956,000. This volume was similar as the one recorded one quarter earlier (954,000 in June), but remained slightly higher than the one recorded one year earlier (948,000). Compared to the stock of available housing, which increases by around 1% per year, the proportion of transactions was equivalent to what was observed in the early 2000.

The second-hand housing price index is revised to include observations recorded after the previous publication.

In comparison with the results released on 1^st October 2018, the change in prices in Q2 2018 has not been revised (no revision for houses, +0.1 points for flats). The overall change in prices in Q2 2018 stands at +0.5% compared to Q1 2018, which is the same as the figure updated on 1^st October 2018 and as the one estimated on 6 September 2018.