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Motivation: China's National Bureau of Statistics (NBS) reports monthly house price indexes (the fundamentals), but only in not seasonally adjusted (NSA) terms, and with limited history (starting at January 2011).
Response: For international consistency, Moody's Analytics has created seasonally adjusted (SA) and extended counterpart series (the supplements).
Properties: The supplements are expressed as a fixed-base index (Index 2010=100) and are seasonally adjusted (SA). Expect the supplements to be revised with each update to the fundamental. The series reside in the historical catalog (China » Real Estate » Residential » House price index).
Method:
Series:
- Input: HPIXRUM.ICHN_? = Reported house price index, 2010=100, starting January 2011
- Input: HPIXRYUM.ICHN_? = Reported house price index, Same period previous year=100, starting January 2011
- Supplement: HPIXRAM.ICHN_? = Moody's Analytics adjusted index, 2010=100, starting January 2010
Process:
- Extend the history on the index (HPIXRUM) using the series of year-over-year growth rates (HPIXRYUM) back to January 2010.
- Seasonally adjust using the U.S. Census Bureau's X-12 ARIMA program, producing HPIXRAM.
Updates:
- Jan. 2013 - Our supplements initially cover just four areas.
- Oct. 2015 - Expanded geo coverage to all 70 large and medium-sized cities reported in the dataset.
- Nov. 2017 - Concurrent with a rebasing (see related article), we rename our supplements to concept code HPIXAM.
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