Insee
Informations Rapides · 7 September 2023 · n° 227
Informations rapidesIn Q2 2023, prices of second-hand dwellings fell by 0.8% Notaries-INSEE second-hand dwellings price index - second quarter 2023

In Q2 2023, prices of second-hand dwellings in France (excluding Mayotte) fell again over a quarter, and more sharply: ‑0.8% compared to Q1 2023 (provisional seasonally adjusted results), after ‑0.3% in Q1 2023 and +0.2% in Q4 2022.

Over a year, prices decelerated significantly: +0.5% in Q2 2023, after +2.7% in Q1 2023 and +4.6% in Q4 2022. House prices continued to rise (+0.9% over a year in Q2 2023) as flat prices were stable.

Informations rapides
No 227
Paru le :Paru le07/09/2023
Prochaine parution le : 28/05/2024 at 08:45 - first quarter 2024

In Q2 2023, prices of second-hand dwellings in France (excluding Mayotte) fell again over a quarter, and more sharply: ‑0.8% compared to Q1 2023 (provisional seasonally adjusted results), after ‑0.3% in Q1 2023 and +0.2% in Q4 2022.

Over a year, prices decelerated significantly: +0.5% in Q2 2023, after +2.7% in Q1 2023 and +4.6% in Q4 2022. House prices continued to rise (+0.9% over a year in Q2 2023) as flat prices were stable.

Variation in prices of second-hand dwellings in France over a year

Variation in prices of second-hand dwellings in France over a year
France - flats France France - houses
2023-Q2 0.0 0.5 0.9
2023-Q1 2.1 2.7 3.0
2022-Q4 3.4 4.6 5.5
2022-Q3 4.1 6.4 8.1
2022-Q2 4.5 6.8 8.5
2022-Q1 4.7 7.3 9.1
2021-Q4 4.6 7.1 9.0
2021-Q3 5.3 7.5 9.0
2021-Q2 4.9 6.3 7.3
2021-Q1 5.1 6.0 6.6
2020-Q4 6.4 6.4 6.5
2020-Q3 6.6 5.2 4.3
2020-Q2 7.0 5.6 4.7
2020-Q1 6.4 4.9 3.9
2019-Q4 5.3 3.7 2.6
2019-Q3 4.0 3.2 2.5
2019-Q2 4.3 3.1 2.3
2019-Q1 3.8 3.0 2.5
2018-Q4 3.4 3.2 3.1
2018-Q3 3.4 2.9 2.6
2018-Q2 3.3 2.8 2.5
2018-Q1 3.8 2.9 2.3
2017-Q4 4.3 3.3 2.5
2017-Q3 4.5 3.2 2.4
2017-Q2 3.7 3.1 2.6
2017-Q1 3.0 2.5 2.1
2016-Q4 1.6 1.5 1.4
2016-Q3 1.0 1.3 1.5
2016-Q2 0.5 0.6 0.7
2016-Q1 -0.4 0.3 0.9
2015-Q4 -1.1 -0.4 0.2
2015-Q3 -2.0 -1.8 -1.6
2015-Q2 -3.0 -2.6 -2.4
2015-Q1 -2.8 -2.4 -2.1
2014-Q4 -2.4 -2.5 -2.6
2014-Q3 -2.0 -1.4 -1.0
2014-Q2 -1.3 -1.4 -1.4
2014-Q1 -1.4 -1.9 -2.2
2013-Q4 -1.8 -1.9 -2.0
2013-Q3 -1.7 -2.3 -2.8
2013-Q2 -1.9 -2.2 -2.5
2013-Q1 -1.5 -2.0 -2.4
2012-Q4 -1.4 -2.1 -2.6
2012-Q3 -0.8 -1.7 -2.3
2012-Q2 1.0 -0.3 -1.2
2012-Q1 3.8 1.8 0.4
2011-Q4 6.2 3.7 1.8
2011-Q3 8.8 6.2 4.2
2011-Q2 10.0 7.1 4.9
2011-Q1 9.5 7.1 5.3

Variation in prices of second-hand dwellings in France over a year

  • Scope: France (excluding Mayotte).
  • Sources: INSEE, French notaries - ADSN Group, Grand Paris notaries - PNS.

Variation in prices of second-hand dwellings in France

Variation in prices of second-hand dwellings in France
change in
3 months (S.A.) 12 months
2022 Q4 (d) 2023 Q1 (d) 2023 Q2 (p) 2022 Q4 (d) 2023 Q1 (d) 2023 Q2 (p)
France 0.2 -0.3 -0.8 4.6 2.7 0.5
Flats 0.3 -0.1 -1.0 3.4 2.1 0.0
Houses 0.2 -0.4 -0.6 5.5 3.0 0.9
  • (p): provisional; (d): definitive.
  • Scope: France (excluding Mayotte).
  • Sources: INSEE, ADSN – BIEN – Grand Paris notaries, French notaries, Perval society.

In Île-de-France, prices of flats and houses continued to fall

The prices of second-hand dwellings in Île-de-France fell for the third quarter in a row: -2.0% over a quarter in Q2 2023, after -1.3% in Q1 2023 and ‑0.2% in Q4 2022. They fell by 2.2% for flats and by 1.7% for houses. In Paris, flat prices continued to fall for the fourth quarter in a raw: -2.4% in Q2 2023, after -1.3% and -0.5% in the previous two quarters.

Over a year, prices of second-hand dwellings in Île-de-France fell sharply: -3.1% in Q2 2023, after ‑0.6% in Q1 2023 and +1.3% in Q4 2022. This decline was driven by the drop in the prices of flats (-3.7% over a year in Q2 2023 after -1.3%), but also by the unprecedented decline in house prices (‑1.9% after +0.7%), down year-on-year for the first time since Q1 2016. The drop in flat prices over a year was more marked for Paris (‑4.4%) than for immediate suburbs (‑3.8%) and for outer suburbs (‑1.7%).

In Provincial France, the prices of second-hand dwellings fell back

In Q2 2023, prices of second-hand dwellings in provincial France fell over a quarter for the first time since Q3 2016: ‑0.4% in Q2 2023, after +0.2% in Q1 2023 and +0.3% in Q4 2022.

Over a year, prices decelerated but remained up: +1.8% in Q2 2023, after +3.9% and +5.8%. Prices of flats in provincial France (+2.7% over a year in Q2 2023) increased more strongly than those of houses (+1.3%) for the second quarter in a raw.

Second-hand dwellings price index in metropolitan France

Second-hand dwellings price index in metropolitan France
Province - flats Province - houses Île-de-France - flats Île-de-France - houses
2023-Q2 136.1 135.6 124.3 123.3
2023-Q1 136.3 136.2 127.1 125.4
2022-Q4 135.3 136.4 128.7 127.2
2022-Q3 134.4 136.1 129.1 127.1
2022-Q2 132.4 133.8 129.0 125.5
2022-Q1 130.1 131.6 128.7 124.5
2021-Q4 128.2 128.8 127.7 122.8
2021-Q3 125.4 125.4 128.6 120.6
2021-Q2 123.2 122.7 127.9 118.7
2021-Q1 120.6 119.8 127.4 117.5
2020-Q4 118.6 117.7 127.6 115.5
2020-Q3 116.5 114.5 125.7 112.5
2020-Q2 115.2 114.1 125.2 111.9
2020-Q1 113.5 112.5 123.0 109.6
2019-Q4 111.2 110.7 120.5 108.2
2019-Q3 109.4 109.9 118.2 107.9
2019-Q2 108.1 108.9 116.7 106.8
2019-Q1 107.0 108.0 115.2 106.3
2018-Q4 106.0 107.5 113.7 107.3
2018-Q3 105.8 106.9 112.6 106.2
2018-Q2 104.2 106.1 111.1 105.8
2018-Q1 104.1 105.4 109.8 105.0
2017-Q4 103.3 104.2 108.8 104.4
2017-Q3 103.1 104.0 108.0 103.8
2017-Q2 102.3 103.3 106.1 103.1
2017-Q1 101.6 103.0 104.5 102.5
2016-Q4 100.2 101.7 103.0 101.6
2016-Q3 99.6 101.6 102.2 101.3
2016-Q2 99.5 100.6 101.4 100.9
2016-Q1 99.6 100.9 100.4 100.5
2015-Q4 99.8 100.4 100.1 99.9
2015-Q3 99.9 100.0 99.9 100.0
2015-Q2 99.9 99.9 99.8 99.7
2015-Q1 100.6 100.0 100.3 100.0
2014-Q4 100.9 100.2 101.2 100.3
2014-Q3 102.2 101.7 101.5 101.6
2014-Q2 103.2 102.4 102.6 101.6
2014-Q1 103.6 102.2 103.0 102.2
2013-Q4 104.0 102.8 102.9 103.3
2013-Q3 104.1 102.7 103.5 103.4
2013-Q2 104.3 103.6 104.2 104.5
2013-Q1 105.0 104.4 104.6 104.9
2012-Q4 105.8 104.9 104.7 105.2
2012-Q3 106.1 105.9 105.2 105.0
2012-Q2 107.2 106.5 105.2 106.2
2012-Q1 107.8 107.1 105.1 106.9
2011-Q4 108.0 107.7 105.5 107.1
2011-Q3 108.0 108.4 105.0 107.0
2011-Q2 107.2 108.1 103.4 105.7
2011-Q1 106.1 107.2 99.2 103.8
2010-Q4 105.4 106.4 95.6 102.0
2010-Q3 103.9 104.7 92.0 100.0
2010-Q2 102.4 103.6 89.4 98.8
2010-Q1 101.0 102.4 86.8 97.2
2009-Q4 99.3 100.9 84.1 93.8
2009-Q3 98.3 99.9 82.7 93.2
2009-Q2 98.0 100.0 82.3 92.8
2009-Q1 99.5 101.9 84.7 95.8
2008-Q4 102.3 105.2 87.6 101.0
2008-Q3 104.8 108.9 89.0 104.4
2008-Q2 106.4 110.3 89.2 105.9
2008-Q1 106.7 111.3 88.4 105.9
2007-Q4 106.3 110.9 87.6 106.3
2007-Q3 104.8 109.6 85.4 105.0
2007-Q2 103.6 108.6 84.0 104.5
2007-Q1 102.7 107.2 82.6 103.5
2006-Q4 101.9 105.9 81.0 100.7
2006-Q3 100.0 103.8 79.5 99.5
2006-Q2 97.6 101.9 78.0 97.5
2006-Q1 95.3 99.5 75.8 95.0
2005-Q4 92.1 96.8 73.5 91.8
2005-Q3 89.0 94.3 71.5 88.4
2005-Q2 86.1 91.2 68.6 85.4
2005-Q1 82.5 88.4 66.2 82.1
2004-Q4 79.5 85.3 63.8 79.4
2004-Q3 76.2 82.2 61.4 77.0
2004-Q2 73.0 79.5 59.4 74.1
2004-Q1 70.3 77.1 57.2 72.0
2003-Q4 66.6 74.6 55.1 69.7
2003-Q3 64.4 72.3 53.3 66.8
2003-Q2 62.0 70.4 51.9 65.0
2003-Q1 59.7 68.5 50.3 63.5
2002-Q4 58.0 67.0 48.8 62.2
2002-Q3 56.2 65.2 47.4 61.4
2002-Q2 54.3 63.4 46.1 60.1
2002-Q1 52.8 62.0 44.8 58.8
2001-Q4 51.8 60.7 44.2 58.5
2001-Q3 50.5 59.6 43.5 58.0
2001-Q2 50.0 58.6 42.5 57.5
2001-Q1 48.9 57.3 41.9 55.8
2000-Q4 47.8 56.1 40.9 54.8
2000-Q3 47.3 55.2 40.3 54.1
2000-Q2 46.4 54.0 39.4 52.9
2000-Q1 45.7 53.1 38.4 52.2

Second-hand dwellings price index in metropolitan France

  • Scope: Metropolitan France.
  • Sources: INSEE, French notaries - ADSN Group, Grand Paris notaries - PNS.

Variation in prices of second-hand dwellings in metropolitan France

Variation in prices of second-hand dwellings in metropolitan France
Change in
3 months (S.A.) 12 months
2022 Q4 (d) 2023 Q1 (d) 2023 Q2 (p) 2022 Q4 (d) 2023 Q1 (d) 2023 Q2 (p)
Metropolitan France 0.2 -0.2 -0.8 4.6 2.7 0.5
Île-de-France -0.2 -1.3 -2.0 1.3 -0.6 -3.1
Provincial France 0.3 0.2 -0.4 5.8 3.9 1.8
- Auvergne-Rhône-Alpes 0.1 -0.2 -0.7 5.1 3.1 0.9
- Hauts-de-France -0.3 -1.0 -0.7 3.7 0.9 -1.0
- Provence-Alpes-Côte d'Azur 0.6 0.4 0.7 7.4 5.8 4.5
Flats 0.3 -0.1 -1.0 3.3 2.1 0.0
Île-de-France -0.3 -1.2 -2.2 0.5 -1.3 -3.7
- Paris -0.5 -1.3 -2.4 -1.0 -2.0 -4.4
- Immediate suburbs -0.3 -1.6 -2.1 1.0 -1.4 -3.8
- Outer suburbs 0.2 -0.4 -1.7 3.6 0.9 -1.7
Provincial France 0.7 0.7 -0.2 5.5 4.7 2.7
- Conurbation > 10 000 inhabitants 0.6 0.7 -0.3 5.3 4.5 2.5
Central town 0.6 0.6 -0.5 5.1 4.3 2.1
Suburb 0.8 0.8 0.0 5.7 4.8 3.0
- Conurbation < 10 000 inhabitants 1.2 1.1 1.0 7.6 6.4 5.4
- Auvergne-Rhône-Alpes 0.9 0.0 -0.4 4.8 3.1 1.5
Lyon -0.8 -1.2 -2.6 -0.7 -1.9 -4.4
- Hauts-de-France -1.1 2.0 -2.5 3.6 4.6 -0.5
- Provence-Alpes-Côte d'Azur 0.7 1.2 1.4 6.6 6.3 5.7
Marseille 0.6 1.6 -0.5 7.8 6.6 3.7
Houses 0.2 -0.3 -0.6 5.5 3.1 0.9
Île-de-France 0.0 -1.4 -1.7 3.3 0.7 -1.9
- Immediate suburbs -1.0 -0.6 -1.8 1.3 0.4 -2.2
- Outer suburbs 0.6 -1.8 -1.6 4.3 0.9 -1.7
Provincial France 0.2 -0.1 -0.5 5.9 3.5 1.3
- Auvergne-Rhône-Alpes -0.5 -0.3 -1.0 5.4 3.1 0.5
- Hauts-de-France -0.1 -1.6 -0.3 3.8 0.2 -1.1
Conurbation of Lille 0.3 -1.3 -0.9 4.4 0.1 -1.2
- Provence-Alpes-Côte d'Azur 0.4 -0.3 0.1 8.2 5.3 3.3
  • Additional data (for example by department in Île-de-France) are available on the web page of the indicator.
  • (p): provisional; (d): definitive.
  • Scope: Metropolitan France.
  • Sources: INSEE, ADSN – BIEN – Grand Paris notaries. French notaries. Perval society.

The annual number of transactions decreased again at the end of June 2023

In Q2 2023, the annual volume of transactions continued to fall: at the end of June 2023, the annual number of transactions over the last twelve months was estimated at 1,002,000, after 1,071,000 at the end of March 2023. Compared to the stock of available dwellings which increases by around 1% a year, the proportion of transactions concerned 2.6% of the stock, which corresponded to the high level observed in the early 2000s, despite the decline of the number of transactions since Q4 2021.

Volume of transactions of second-hand dwellings over the last 12 months

Volume of transactions of second-hand dwellings over the last 12 months
Volume of transactions of second-hand dwellings over the last 12 months
2023-Q2 1002
2023-Q1 1071
2022-Q4 1116
2022-Q3 1137
2022-Q2 1160
2022-Q1 1177
2021-Q4 1176
2021-Q3 1201
2021-Q2 1152
2021-Q1 1080
2020-Q4 1026
2020-Q3 994
2020-Q2 1016
2020-Q1 1048
2019-Q4 1078
2019-Q3 1054
2019-Q2 1026
2019-Q1 993
2018-Q4 975
2018-Q3 964
2018-Q2 959
2018-Q1 962
2017-Q4 964
2017-Q3 950
2017-Q2 917
2017-Q1 876
2016-Q4 843
2016-Q3 824
2016-Q2 817
2016-Q1 807
2015-Q4 795
2015-Q3 750
2015-Q2 710
2015-Q1 691
2014-Q4 689
2014-Q3 722
2014-Q2 733
2014-Q1 733
2013-Q4 716
2013-Q3 687
2013-Q2 675
2013-Q1 661
2012-Q4 708
2012-Q3 734
2012-Q2 781
2012-Q1 816
2011-Q4 801
2011-Q3 821
2011-Q2 807
2011-Q1 796
2010-Q4 776
2010-Q3 737
2010-Q2 699
2010-Q1 656
2009-Q4 595
2009-Q3 568
2009-Q2 578
2009-Q1 610
2008-Q4 674
2008-Q3 717
2008-Q2 758
2008-Q1 796
2007-Q4 810
2007-Q3 821
2007-Q2 822
2007-Q1 813
2006-Q4 821
2006-Q3 832
2006-Q2 836
2006-Q1 834
2005-Q4 829
2005-Q3 821
2005-Q2 816
2005-Q1 826
2004-Q4 823
2004-Q3 827
2004-Q2 836
2004-Q1 824
2003-Q4 814
2003-Q3 806
2003-Q2 794
2003-Q1 798
2002-Q4 811
2002-Q3 803
2002-Q2 799
2002-Q1 793
2001-Q4 784
2001-Q3 791
2001-Q2 789
2001-Q1 785
2000-Q4 793
2000-Q3 780
2000-Q2 768
2000-Q1 755
  • Warning: The recent increase in notary data cover rates may have an impact on the adjustments historically implemented to take into account the heterogeneity of coverage deficits in the calculation of the volume of transactions. Pending more time to better know these impacts, the uncertainty on the estimate of the volume from Q3 2021 onwards may be slightly increased.

Volume of transactions of second-hand dwellings over the last 12 months

  • Warning: The recent increase in notary data cover rates may have an impact on the adjustments historically implemented to take into account the heterogeneity of coverage deficits in the calculation of the volume of transactions. Pending more time to better know these impacts, the uncertainty on the estimate of the volume from Q3 2021 onwards may be slightly increased.
  • Scope: France (excluding Mayotte).
  • Sources: IGEDD, based on notarial databases and DGFiP (MEDOC).

Revisions

The second-hand housing price index may be revised in order to include observations recorded after the previous publication.

In comparison with the results released on 30 May 2023, the quarterly change in prices of second-hand dwellings in France (excluding Mayotte) in Q1 2023 has been revised downwards by 0.1 points (‑0.3% instead of ‑0.2%).

For further information

The calculation of indices is based on the transactions completed during the quarter. The methodology is based on models explaining the price of housing according to its characteristics. The current value of a reference housing stock is estimated thanks to these models. Methodological principles of calculation of indices may be found in « Les indices Notaires-Insee de prix des logements anciens », Insee Méthodes n° 132 released in June 2019 (in French only).

Next issue: 30 November 2023 at 8:45 am.

Pour en savoir plus

The calculation of indices is based on the transactions completed during the quarter. The methodology is based on models explaining the price of housing according to its characteristics. The current value of a reference housing stock is estimated thanks to these models. Methodological principles of calculation of indices may be found in « Les indices Notaires-Insee de prix des logements anciens », Insee Méthodes n° 132 released in June 2019 (in French only).

Next issue: 30 November 2023 at 8:45 am.

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