House Prices Q3 2023
30th Nov 2023
The notaires have published their latest review of the housing market.
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House Prices Q3 2023
30th Nov 2023
The notaires have published their latest review of the housing market.
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According to the notaires, prices fell nationally by -1.1% in the third quarter of the year in comparison with Q2.
That compares with falls of -0.8% in Q2 and -0.3% in Q1.
As a result, for the first time since 2015 prices have fallen over a year, by -1.8% in the year ending Q3 2023.
Houses fared better than apartments, falling by -1.6% in the year, whilst apartment prices have fallen by -2.0%.
Largest falls occurred in metropolitan areas, notably in the Ile-de-France, falling by -2.0% in Q3, after similar falls in Q1 and Q2. Over the year, prices in the region have decreased sharply, by -5.3% at the end of Q3.
In the regions, prices fell by -0.8% in Q3 after a fall of -0.4% in Q2. Over one year, prices have fallen for the first time since 2015: -0.5% to Q3. Prices have been driven downwards by the fall in house prices (-1.0% after +1.3% in Q2), while apartment prices increased slightly (+0.5% after +2.8% in Q2).
As we regularly point out, the national scene hides significant local variations, which are not reported in this latest review by the notaires.
The graphic below shows the movement in house and apartment prices since 2011.
Sales were 928,000 in the year to the end of September, down from 1,001,00 to the end of June. Nevertheless, by historic standards, the number of sales remains high.