New Zealand - Personal Income

The Globalization and Monetary Policy Institute of the Federal Reserve Bank of Dallas produces an international house price database, which comprises quarterly house price index and personal disposable income (PDI) series for a large number of countries. All time series begin in first quarter 1975.

Active:

• Measurements:
  • Fixed-base volume index relative to 2005 (Vol. Index 2005=100)
  • Fixed-base value index (Index 2005=100)
• Adjustment: Seasonally adjusted (SA)
• Native frequency: Quarterly
• Start date: Uniformly 1975Q1
• Geo coverage:
  • 25 countries
  • Composite

Predecessor:

• Prior method (Croatia and world-aggregate) - 1975 to 2019

The source writes:

The Federal Reserve Bank of Dallas selects a house price index for each country that is most consistent with the quarterly U.S. house price index for existing single-family houses produced by the Federal Housing Finance Agency. They extend the preferred series for each country back to first quarter 1975 either with historical data or with data from secondary sources. Each country’s house price index is seasonally adjusted over the entire sample period with an unobserved components time series model and then rebased to 2005 = 100 (fixed weight).

PDI series are quoted in per capita terms using working-age population. Both the house price and PDI series are quoted in nominal and real terms. Real values are computed using the personal consumption expenditure deflator.[1] For each series, they produce a weighted average of all countries in the database, using purchasing power parity-adjusted gross domestic product shares in 2005.

A detailed description of the sources and methodology can be found in Mack and Martínez-García (2011) which is updated whenever modifications to the database occur.

Moody's Analytics writes:

The aggregate series (geo code = IWRLD) is the composed of all available geographies and will change when geographies are added or removed from the data set.

Yes. Revisions by individual sources, for whatever reason, will flow into the international database.

The international house price database is updated on a quarterly basis. New datasets are posted with a three-month lag to ensure a sufficient number of new country observations in each quarterly release. When new observations are not yet available, the source completes the series with their own forecasts. Those forecasts are replaced in subsequent revisions as the corresponding quarterly observations become available.

Attribution

The information above was taken directly from the source, the Federal Reserve Bank of Dallas, at: http://www.dallasfed.org/institute/houseprice/

• Feb 2015 - Initial version.
• Aug 2020 - New method for Croatia.
• Aug 2020 - New country Slovenia.
• Oct 2020 - New country Colombia.
• 1 Aug 2023, Phillip Thorne - Revision to Canada and South Africa.