NAIC Price Change Index

The NCREIF Price Change Index is calculated by Modifying the NCREIF Appreciation sub-index by adding capital expenditures back into the numerator.

[MV]-[MVLag1]+[PSales]/[Denom]

 

The table below represents historical Price Change Index. 

Year Quarter 1 Quarter 2 Quarter 3 Quarter 4
1978 100.90860 102.33292 103.83056 108.23225
1979 110.45686 112.93441 116.34311 121.91734
1980 126.52557 127.45743 130.42082 135.32503
1981 137.38928 141.26915 145.12537 151.43092
1982 153.55186 155.73967 156.37088 159.09205
1983 159.87017 161.42107 163.93327 170.93158
1984 174.20526 177.70557 179.93204 185.87304
1985 187.30185 189.60267 191.76964 196.88068
1986 198.69533 200.24436 201.60462 204.85953
1987 205.99896 205.78184 207.76661 211.30633
1988 212.95938 214.73163 217.73508 222.42836
1989 223.68975 225.65240 228.13480 231.24816
1990 231.85657 233.58228 233.65352 228.14794
1991 225.56485 222.80552 219.68803 205.79562
1992 203.40160 198.32754 195.07854 187.53700
1993 185.92306 182.91836 183.02390 180.55033
1994 180.60648 180.62057 180.78223 181.90416
1995 182.59067 183.17989 184.00054 183.61984
1996 185.11083 186.11172 188.12266 190.88167
1997 192.24838 194.43155 197.75672 204.10076
1998 209.03775 214.70246 219.12726 224.12994
1999 226.57520 228.85160 231.75870 235.20634
2000 237.27874 240.95846 244.66416 249.63256
2001 251.28912 253.59972 253.98139 251.92668
2002 251.25479 251.12338 251.49052 252.44618
2003 253.34893 254.89816 256.17469 259.73552
2004 262.64352 267.44491 273.31131 283.06606
2005 290.07110 302.52008 312.69746 326.49367
2006 334.59888 344.47524 353.40611 366.85816
2007 376.61402 390.74646 401.64008 413.24587
2008 416.60928 415.58442 411.49465 374.41734
2009 343.17109 321.62852 307.09381 297.04816
2010 295.24181 301.10118 309.17792 320.16734
2011 327.37078 336.77221 344.60183 352.04282
2012 357.40725 363.34736 368.25182 374.68739
2013 380.42123 387.53435 394.59678 401.31518
2014 408.60186 416.63089 424.06109 433.59101
2015 445.29753 455.41469 466.39383 476.98657
2016 483.72734 489.80296 494.72499 499.96363
2017 503.86035 508.86016  514.12483 
520.26811
2018 525.04521 530.85799  536.0965 
 

 

3q2018 NAIC Price Change Index Spreadsheet