Japan
Japan first; United States, Korea, euro area, United Kingdom and Australia alongside.
+0.9 (+0.8%)
As of Q4 2025 | 2015=100, inflation-adjusted
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| Period | Real HPI |
|---|---|
| Q4 2025 | 119.1 |
| Q3 2025 | 118.2 |
| Q2 2025 | 117.2 |
| Q1 2025 | 117.7 |
| Q4 2024 | 116.4 |
| Q3 2024 | 116.5 |
| Q2 2024 | 116.5 |
| Q1 2024 | 116.2 |
| Q4 2023 | 115.9 |
| Q3 2023 | 115.5 |
| Q2 2023 | 116.4 |
| Q1 2023 | 116.4 |
| Q4 2022 | 117.0 |
| Q3 2022 | 117.2 |
| Q2 2022 | 116.6 |
| Q1 2022 | 115.3 |
| Q4 2021 | 113.3 |
| Q3 2021 | 112.4 |
| Q2 2021 | 110.1 |
| Q1 2021 | 108.4 |
| Q4 2020 | 107.9 |
| Q3 2020 | 105.3 |
| Q2 2020 | 105.1 |
| Q1 2020 | 105.1 |
The OECD real house price index deflates nominal dwelling prices by the private consumption deflator, so a rise means houses became more expensive relative to consumer prices. Latest: 119.1 in Q4 2025.
From Q1 1960 to Q4 2025 (264 quarters): latest 119.1 (Q4 2025), previous 118.2 (Q3 2025); low 27.4 (Q1 1960), high 167.7 (Q1 1991).
Source: OECD Analytical House Prices. Licence: OECD data; attribution required (terms).
A real house price index adjusts a nominal house price index for consumer inflation. It shows how housing prices have changed relative to the general cost of living, not the cash price of a dwelling. The OECD compiles this measure and expresses it on a 2015=100 base; Younivi republishes the OECD series rather than deriving a separate real index.
Use changes in the real index to study long periods or compare how housing has moved against inflation in different economies. A reading above 100 means housing prices have risen faster than consumer prices since the 2015 reference. Index levels do not show which country has more expensive homes in currency terms.
The result depends on the consumer price index used as a deflator. A different inflation measure could change it. Loans and deposits are stated in nominal money, so the nominal index may be more relevant to those obligations. Read this series for direction and context, not as a property valuation or forecast.
For a fuller explanation, see the Younivi note What real house prices mean.
The Japan desk places Japan alongside United States, Korea, Euro area, United Kingdom, Australia, where data are available for the selected measure. It shows the same series as the all-countries desk; the desk only filters the view.
For nominal house prices, the build chooses the longer current OECD or Eurostat series, with the later quarter breaking an equal-span tie. A current UK House Price Index takes precedence for the United Kingdom. Rebased ABS mean dwelling prices are an Australian fallback when the selected index is stale or short, but ABS must itself be current and offer the better eligible history; they are not a quality-adjusted HPI. The real index and price-to-income and price-to-rent measures come from OECD. Younivi derives year-over-year change from the published index. Check the source, licence and date shown on each page.
The chart and table show the same figures. The all-countries chart initially selects the twelve largest latest readings; the legend and filter can change that selection. The country selector changes desks, and range buttons change the visible period without changing the data. The methodology page explains source selection and rebasing.