{
  "id": "macro_economics/housing/europe_housing_market_activity_monthly",
  "generated_at": "2026-10-07T14:39:34.246410+00:00",
  "last_refresh": "2026-10-05",
  "source": "National Bank of Serbia new-business housing-loan volumes deflated with BIS WS_SPP selected residential property prices, and Eurostat STS_COBP_Q residential building permits. The finance component is smoothed with a 6-month moving average before weighting; months after the latest official permit quarter carry forward the latest permit index level. Components are combined using 65% housing finance and 35% residential construction weights.",
  "source_description": "Monthly Serbia housing market activity indicator based on a weighted combination of a 6-month smoothed, house-price-adjusted new housing-loan volume index and residential building permits, indexed to 2019 = 100.",
  "table_id": "macro_economics/housing/europe_housing_market_activity_monthly",
  "meta": {
    "indicator_name": "Serbia Housing Market Activity",
    "indicator_description": "Monthly Serbia housing market activity indicator based on a weighted combination of a 6-month smoothed, house-price-adjusted new housing-loan volume index and residential building permits, indexed to 2019 = 100.",
    "title": "Serbia Housing Market Activity",
    "description": "Monthly Serbia housing market activity indicator based on a weighted combination of a 6-month smoothed, house-price-adjusted new housing-loan volume index and residential building permits, indexed to 2019 = 100.",
    "source": "National Bank of Serbia new-business housing-loan volumes deflated with BIS WS_SPP selected residential property prices, and Eurostat STS_COBP_Q residential building permits. The finance component is smoothed with a 6-month moving average before weighting; months after the latest official permit quarter carry forward the latest permit index level. Components are combined using 65% housing finance and 35% residential construction weights.",
    "source_description": "Monthly Serbia housing market activity indicator based on a weighted combination of a 6-month smoothed, house-price-adjusted new housing-loan volume index and residential building permits, indexed to 2019 = 100.",
    "visibility": "paid",
    "updated_at": "2026-10-05T15:53:45.921495Z",
    "last_refresh": "2026-10-05",
    "table_id": "macro_economics/housing/europe_housing_market_activity_monthly",
    "topic": "Macroeconomics",
    "subtopic": "Housing",
    "geo": [
      "RS"
    ],
    "geo_included": [
      "RS"
    ],
    "page_slug": "serbia-housing-market-activity",
    "page_url": "/indicators/macroeconomics/housing/serbia-housing-market-activity/",
    "chart_type": "line",
    "series_type": "single",
    "frequency": "monthly",
    "units": "Index (2019 = 100)",
    "legend": false,
    "featured_topic": false,
    "featured_subtopic": false,
    "featured_rank_topic": null,
    "featured_rank_subtopic": null,
    "chart_title": "Serbia Housing Market Activity",
    "y_axis_label": "Index [2019=100]",
    "related_indicators": [
      {
        "title": "Serbia Furniture Market Hub",
        "url": "/market/serbia-furniture-market-hub/",
        "label": "Market hub"
      },
      {
        "title": "Serbia Furniture Retail Market Size",
        "url": "/indicators/retail/market-size/serbia-furniture-retail-turnover/",
        "label": "Retail"
      },
      {
        "title": "Serbia Furniture Consumer Market Size",
        "url": "/indicators/retail/market-size/serbia-furniture-consumer-market-size/",
        "label": "Market size"
      },
      {
        "title": "Serbia Furniture Production Market Size",
        "url": "/indicators/industry/market-size/serbia-furniture-production-turnover/",
        "label": "Industry"
      },
      {
        "title": "Serbia Furniture Product Search Trend",
        "url": "/indicators/retail/online/serbia-furniture-products-search-trend/",
        "label": "Online"
      }
    ],
    "taxonomy_path": [
      "macroeconomics",
      "housing",
      "market-activity"
    ],
    "taxonomy_labels": [
      "Macroeconomics",
      "Housing",
      "Market activity"
    ],
    "taxonomy_nodes": [
      {
        "id": "macroeconomics",
        "label": "Macroeconomics",
        "has_page": true,
        "sort_order": 30
      },
      {
        "id": "housing",
        "label": "Housing",
        "has_page": true,
        "sort_order": 20
      },
      {
        "id": "market-activity",
        "label": "Market activity",
        "has_page": false,
        "sort_order": 10
      }
    ],
    "taxonomy_page_path": [
      "macroeconomics",
      "housing"
    ],
    "taxonomy_page_labels": [
      "Macroeconomics",
      "Housing"
    ],
    "taxonomy_collection": "market-activity",
    "taxonomy_collection_label": "Market activity",
    "entity": {
      "type": "country",
      "geo": [
        "RS"
      ]
    },
    "methodology_url": "/about/methodology/housing-market-activity/",
    "methodology_label": "Housing Market Activity Methodology",
    "data_hash": "2539c0c57c272744d5e1b299f29fdcb4295dcfff0c758e778ef65dc4d630c499",
    "trend_summary": "The Serbia housing market activity indicator shows distinct phases over time, with a notable peak in October 2019 at 127.9 and an earlier trough in March 2015 at 33.6. The latest level, at 120.5, remains elevated compared to historical averages, indicating a strong recovery from earlier lows. Recent momentum appears positive, with year-over-year growth rates of 19.0% over three months, 20.3% over six months, and 24.8% over twelve months, suggesting continued upward movement. Yearly averages reveal a significant rise in activity from 2015 to 2019, followed by fluctuations and a resurgence in 2025 and 2026.",
    "trend_summary_generated_at": "2026-10-07T14:39:46.142576+00:00",
    "key_findings": [
      "Serbia's housing activity index at 120.5 remains strong against the 2019 baseline, indicating robust home-related demand.",
      "Recent positive momentum, with 24.8% growth over twelve months, suggests easing pressure in the housing market.",
      "Serbia's housing activity, read alongside National Bank loan volumes, points to a supportive yet cautious demand signal."
    ],
    "key_findings_source": "ai_rewrite",
    "key_findings_generated_at": "2026-10-07T14:39:53.082647+00:00",
    "chart_alt_text": "Line chart for Serbia Housing Market Activity in index points. The series runs from 2015-03-01 to 2026-08-01; the latest value is 120.5 index points. The peak is 127.9 index points in 2019-10-01."
  },
  "data": [
    {
      "date": "2015-03-01",
      "geo": "RS",
      "value": 33.56
    },
    {
      "date": "2015-04-01",
      "geo": "RS",
      "value": 45.87
    },
    {
      "date": "2015-05-01",
      "geo": "RS",
      "value": 46.66
    },
    {
      "date": "2015-06-01",
      "geo": "RS",
      "value": 49.09
    },
    {
      "date": "2015-07-01",
      "geo": "RS",
      "value": 57.59
    },
    {
      "date": "2015-08-01",
      "geo": "RS",
      "value": 58.86
    },
    {
      "date": "2015-09-01",
      "geo": "RS",
      "value": 61.0
    },
    {
      "date": "2015-10-01",
      "geo": "RS",
      "value": 56.55
    },
    {
      "date": "2015-11-01",
      "geo": "RS",
      "value": 54.99
    },
    {
      "date": "2015-12-01",
      "geo": "RS",
      "value": 53.07
    },
    {
      "date": "2016-01-01",
      "geo": "RS",
      "value": 48.5
    },
    {
      "date": "2016-02-01",
      "geo": "RS",
      "value": 47.54
    },
    {
      "date": "2016-03-01",
      "geo": "RS",
      "value": 46.15
    },
    {
      "date": "2016-04-01",
      "geo": "RS",
      "value": 45.7
    },
    {
      "date": "2016-05-01",
      "geo": "RS",
      "value": 46.31
    },
    {
      "date": "2016-06-01",
      "geo": "RS",
      "value": 48.21
    },
    {
      "date": "2016-07-01",
      "geo": "RS",
      "value": 53.94
    },
    {
      "date": "2016-08-01",
      "geo": "RS",
      "value": 55.61
    },
    {
      "date": "2016-09-01",
      "geo": "RS",
      "value": 55.76
    },
    {
      "date": "2016-10-01",
      "geo": "RS",
      "value": 55.9
    },
    {
      "date": "2016-11-01",
      "geo": "RS",
      "value": 57.43
    },
    {
      "date": "2016-12-01",
      "geo": "RS",
      "value": 58.35
    },
    {
      "date": "2017-01-01",
      "geo": "RS",
      "value": 57.88
    },
    {
      "date": "2017-02-01",
      "geo": "RS",
      "value": 58.49
    },
    {
      "date": "2017-03-01",
      "geo": "RS",
      "value": 61.5
    },
    {
      "date": "2017-04-01",
      "geo": "RS",
      "value": 68.2
    },
    {
      "date": "2017-05-01",
      "geo": "RS",
      "value": 71.44
    },
    {
      "date": "2017-06-01",
      "geo": "RS",
      "value": 72.9
    },
    {
      "date": "2017-07-01",
      "geo": "RS",
      "value": 77.0
    },
    {
      "date": "2017-08-01",
      "geo": "RS",
      "value": 79.05
    },
    {
      "date": "2017-09-01",
      "geo": "RS",
      "value": 78.86
    },
    {
      "date": "2017-10-01",
      "geo": "RS",
      "value": 83.14
    },
    {
      "date": "2017-11-01",
      "geo": "RS",
      "value": 82.72
    },
    {
      "date": "2017-12-01",
      "geo": "RS",
      "value": 80.7
    },
    {
      "date": "2018-01-01",
      "geo": "RS",
      "value": 77.69
    },
    {
      "date": "2018-02-01",
      "geo": "RS",
      "value": 75.21
    },
    {
      "date": "2018-03-01",
      "geo": "RS",
      "value": 76.29
    },
    {
      "date": "2018-04-01",
      "geo": "RS",
      "value": 75.25
    },
    {
      "date": "2018-05-01",
      "geo": "RS",
      "value": 72.96
    },
    {
      "date": "2018-06-01",
      "geo": "RS",
      "value": 73.14
    },
    {
      "date": "2018-07-01",
      "geo": "RS",
      "value": 70.09
    },
    {
      "date": "2018-08-01",
      "geo": "RS",
      "value": 71.49
    },
    {
      "date": "2018-09-01",
      "geo": "RS",
      "value": 68.93
    },
    {
      "date": "2018-10-01",
      "geo": "RS",
      "value": 76.06
    },
    {
      "date": "2018-11-01",
      "geo": "RS",
      "value": 76.46
    },
    {
      "date": "2018-12-01",
      "geo": "RS",
      "value": 76.23
    },
    {
      "date": "2019-01-01",
      "geo": "RS",
      "value": 76.79
    },
    {
      "date": "2019-02-01",
      "geo": "RS",
      "value": 75.47
    },
    {
      "date": "2019-03-01",
      "geo": "RS",
      "value": 76.61
    },
    {
      "date": "2019-04-01",
      "geo": "RS",
      "value": 72.53
    },
    {
      "date": "2019-05-01",
      "geo": "RS",
      "value": 80.97
    },
    {
      "date": "2019-06-01",
      "geo": "RS",
      "value": 107.32
    },
    {
      "date": "2019-07-01",
      "geo": "RS",
      "value": 122.23
    },
    {
      "date": "2019-08-01",
      "geo": "RS",
      "value": 123.62
    },
    {
      "date": "2019-09-01",
      "geo": "RS",
      "value": 123.19
    },
    {
      "date": "2019-10-01",
      "geo": "RS",
      "value": 127.91
    },
    {
      "date": "2019-11-01",
      "geo": "RS",
      "value": 119.48
    },
    {
      "date": "2019-12-01",
      "geo": "RS",
      "value": 93.89
    },
    {
      "date": "2020-01-01",
      "geo": "RS",
      "value": 87.11
    },
    {
      "date": "2020-02-01",
      "geo": "RS",
      "value": 85.55
    },
    {
      "date": "2020-03-01",
      "geo": "RS",
      "value": 84.71
    },
    {
      "date": "2020-04-01",
      "geo": "RS",
      "value": 82.87
    },
    {
      "date": "2020-05-01",
      "geo": "RS",
      "value": 80.89
    },
    {
      "date": "2020-06-01",
      "geo": "RS",
      "value": 78.69
    },
    {
      "date": "2020-07-01",
      "geo": "RS",
      "value": 75.22
    },
    {
      "date": "2020-08-01",
      "geo": "RS",
      "value": 76.25
    },
    {
      "date": "2020-09-01",
      "geo": "RS",
      "value": 77.91
    },
    {
      "date": "2020-10-01",
      "geo": "RS",
      "value": 78.29
    },
    {
      "date": "2020-11-01",
      "geo": "RS",
      "value": 80.46
    },
    {
      "date": "2020-12-01",
      "geo": "RS",
      "value": 83.47
    },
    {
      "date": "2021-01-01",
      "geo": "RS",
      "value": 90.05
    },
    {
      "date": "2021-02-01",
      "geo": "RS",
      "value": 91.06
    },
    {
      "date": "2021-03-01",
      "geo": "RS",
      "value": 93.6
    },
    {
      "date": "2021-04-01",
      "geo": "RS",
      "value": 110.73
    },
    {
      "date": "2021-05-01",
      "geo": "RS",
      "value": 112.15
    },
    {
      "date": "2021-06-01",
      "geo": "RS",
      "value": 114.15
    },
    {
      "date": "2021-07-01",
      "geo": "RS",
      "value": 104.29
    },
    {
      "date": "2021-08-01",
      "geo": "RS",
      "value": 104.5
    },
    {
      "date": "2021-09-01",
      "geo": "RS",
      "value": 102.41
    },
    {
      "date": "2021-10-01",
      "geo": "RS",
      "value": 97.21
    },
    {
      "date": "2021-11-01",
      "geo": "RS",
      "value": 96.62
    },
    {
      "date": "2021-12-01",
      "geo": "RS",
      "value": 94.62
    },
    {
      "date": "2022-01-01",
      "geo": "RS",
      "value": 102.99
    },
    {
      "date": "2022-02-01",
      "geo": "RS",
      "value": 101.15
    },
    {
      "date": "2022-03-01",
      "geo": "RS",
      "value": 101.55
    },
    {
      "date": "2022-04-01",
      "geo": "RS",
      "value": 97.5
    },
    {
      "date": "2022-05-01",
      "geo": "RS",
      "value": 96.92
    },
    {
      "date": "2022-06-01",
      "geo": "RS",
      "value": 95.07
    },
    {
      "date": "2022-07-01",
      "geo": "RS",
      "value": 104.65
    },
    {
      "date": "2022-08-01",
      "geo": "RS",
      "value": 105.08
    },
    {
      "date": "2022-09-01",
      "geo": "RS",
      "value": 103.25
    },
    {
      "date": "2022-10-01",
      "geo": "RS",
      "value": 92.4
    },
    {
      "date": "2022-11-01",
      "geo": "RS",
      "value": 92.19
    },
    {
      "date": "2022-12-01",
      "geo": "RS",
      "value": 92.61
    },
    {
      "date": "2023-01-01",
      "geo": "RS",
      "value": 101.45
    },
    {
      "date": "2023-02-01",
      "geo": "RS",
      "value": 98.84
    },
    {
      "date": "2023-03-01",
      "geo": "RS",
      "value": 96.93
    },
    {
      "date": "2023-04-01",
      "geo": "RS",
      "value": 79.9
    },
    {
      "date": "2023-05-01",
      "geo": "RS",
      "value": 76.96
    },
    {
      "date": "2023-06-01",
      "geo": "RS",
      "value": 73.73
    },
    {
      "date": "2023-07-01",
      "geo": "RS",
      "value": 83.13
    },
    {
      "date": "2023-08-01",
      "geo": "RS",
      "value": 82.98
    },
    {
      "date": "2023-09-01",
      "geo": "RS",
      "value": 81.64
    },
    {
      "date": "2023-10-01",
      "geo": "RS",
      "value": 86.79
    },
    {
      "date": "2023-11-01",
      "geo": "RS",
      "value": 86.53
    },
    {
      "date": "2023-12-01",
      "geo": "RS",
      "value": 86.63
    },
    {
      "date": "2024-01-01",
      "geo": "RS",
      "value": 77.38
    },
    {
      "date": "2024-02-01",
      "geo": "RS",
      "value": 76.92
    },
    {
      "date": "2024-03-01",
      "geo": "RS",
      "value": 77.77
    },
    {
      "date": "2024-04-01",
      "geo": "RS",
      "value": 80.77
    },
    {
      "date": "2024-05-01",
      "geo": "RS",
      "value": 81.49
    },
    {
      "date": "2024-06-01",
      "geo": "RS",
      "value": 82.05
    },
    {
      "date": "2024-07-01",
      "geo": "RS",
      "value": 81.06
    },
    {
      "date": "2024-08-01",
      "geo": "RS",
      "value": 83.32
    },
    {
      "date": "2024-09-01",
      "geo": "RS",
      "value": 84.19
    },
    {
      "date": "2024-10-01",
      "geo": "RS",
      "value": 90.07
    },
    {
      "date": "2024-11-01",
      "geo": "RS",
      "value": 91.31
    },
    {
      "date": "2024-12-01",
      "geo": "RS",
      "value": 96.95
    },
    {
      "date": "2025-01-01",
      "geo": "RS",
      "value": 91.98
    },
    {
      "date": "2025-02-01",
      "geo": "RS",
      "value": 92.34
    },
    {
      "date": "2025-03-01",
      "geo": "RS",
      "value": 94.18
    },
    {
      "date": "2025-04-01",
      "geo": "RS",
      "value": 98.6
    },
    {
      "date": "2025-05-01",
      "geo": "RS",
      "value": 101.31
    },
    {
      "date": "2025-06-01",
      "geo": "RS",
      "value": 101.5
    },
    {
      "date": "2025-07-01",
      "geo": "RS",
      "value": 98.09
    },
    {
      "date": "2025-08-01",
      "geo": "RS",
      "value": 100.11
    },
    {
      "date": "2025-09-01",
      "geo": "RS",
      "value": 104.99
    },
    {
      "date": "2025-10-01",
      "geo": "RS",
      "value": 122.18
    },
    {
      "date": "2025-11-01",
      "geo": "RS",
      "value": 123.13
    },
    {
      "date": "2025-12-01",
      "geo": "RS",
      "value": 126.08
    },
    {
      "date": "2026-01-01",
      "geo": "RS",
      "value": 115.84
    },
    {
      "date": "2026-02-01",
      "geo": "RS",
      "value": 116.94
    },
    {
      "date": "2026-03-01",
      "geo": "RS",
      "value": 115.49
    },
    {
      "date": "2026-04-01",
      "geo": "RS",
      "value": 120.83
    },
    {
      "date": "2026-05-01",
      "geo": "RS",
      "value": 121.46
    },
    {
      "date": "2026-06-01",
      "geo": "RS",
      "value": 116.84
    },
    {
      "date": "2026-07-01",
      "geo": "RS",
      "value": 119.37
    },
    {
      "date": "2026-08-01",
      "geo": "RS",
      "value": 120.49
    }
  ]
}