HOUSING PRICES nationwide declined in the third quarter, the first contraction in over three years, data from the Bangko Sentral ng Pilipinas (BSP) showed.
The Residential Real Estate Price Index (RREPI) fell by 2.3% year on year in the July-to-September period. This was a reversal of the 2.7% growth in the second quarter and 12.9% expansion in the same period a year ago.
This was also the first time the RREPI posted a decline since the 9.4% drop recorded in the second quarter of 2021.
The RREPI tracks the average price changes of residential properties across different housing types and locations. The data provide the BSP with insights as it monitors the banking sector’s exposure to the residential property sector.
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