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 |
|
| 2018 |
525.04521 |
530.85799 |
536.0965 |
|
| 2019 |
545.93874 |
550.26421 |
554.32736 |
|
| 2020 |
559.8857 |
550.39788 |
550.7006 |
|
| 2021 |
558.80022 |
575.10489 |
601.31242 |
|
| 2022 |
663.91597 |
681.5436 |
681.24304 |
|
| 2023 |
637.05115 |
|
|
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1q2022 NAIC Price Change Index Spreadsheet