Want to buy home? NHB just dashed your plans to get dream house
Buying your own house is everyone's dream. Tellingly, housing companies, builders, and others have been saying that their inventories are rising as no one is buying. However, National Housing Bank data shows that prices of homes have actually skyrocketed, instead of falling! In short, builders have just made your wish to buy a home of your own that much harder, if not impossible.
Housing Prices in April-June quarter
Housing prices increased in 33 cities by up to 22% during April-June quarter this fiscal, while rates fell in 14 cities by up to 13% and three cities remained stable, according to revised National Housing Bank data with new base year.
For under-construction properties, housing prices went up in 39 cities by up to 17%. (Reuters)
Under Construction Properties
Significantly, under-construction properties, housing prices declined in eight cities by up to 8% and remained stable in three cities. (Reuters)
NHB RESIDEX
The National Housing Bank (NHB), which launched housing prices index ‘NHB RESIDEX’ in 2007 to track the movement in housing prices on quarterly basis, has revamped the system by changing the base year and releasing separate index for under construction properties. (Reuters)
NHB RESIDEX: Geographic coverage
“NHB RESIDEX has been revamped to include cluster of indices with updated base year, revised methodology and automated processes. The revamped NHB RESIDEX is wider in its geographic coverage,” it said.