{
  "id": "macro_economics/housing/europe_housing_market_activity_monthly",
  "generated_at": "2026-08-01T10:33:39.775508+00:00",
  "last_refresh": "2026-08-01",
  "source": "Official Swiss National Bank quarterly new mortgage statistics for self-used housing, temporally disaggregated to months with official SNB mortgage-utilisation dynamics; official Swiss Federal Statistical Office annual new buildings with dwellings; and official Swiss Federal Statistical Office construction-output indicators for NOGA 41 Hochbau. The monthly composite combines a smoothed mortgage-activity signal with a residential construction series benchmarked to annual new buildings with dwellings and distributed with BFS construction-output dynamics.",
  "source_description": "Composite Swiss housing indicator combining a finance-side SNB new mortgage signal and a construction-side residential building signal on a 65/35 basis after both components are smoothed with 3-month moving averages. The combined series then receives a light final 3-month moving average before rebasing to 2019 = 100. The finance side uses official quarterly SNB new mortgage counts distributed to months with official monthly mortgage-utilisation dynamics, while the construction side uses official BFS monthly Hochbau output indicators for temporal disaggregation and tail nowcasting.",
  "table_id": "macro_economics/housing/europe_housing_market_activity_monthly",
  "meta": {
    "indicator_name": "Switzerland Housing Market Activity",
    "indicator_description": "Monthly Switzerland housing market activity indicator built as a weighted combination of 3-month smoothed new mortgage activity and residential construction activity, with a light final 3-month moving average on the composite before rebasing to 2019 = 100.",
    "title": "Switzerland Housing Market Activity",
    "description": "Monthly Switzerland housing market activity indicator built as a weighted combination of 3-month smoothed new mortgage activity and residential construction activity, with a light final 3-month moving average on the composite before rebasing to 2019 = 100.",
    "source": "Official Swiss National Bank quarterly new mortgage statistics for self-used housing, temporally disaggregated to months with official SNB mortgage-utilisation dynamics; official Swiss Federal Statistical Office annual new buildings with dwellings; and official Swiss Federal Statistical Office construction-output indicators for NOGA 41 Hochbau. The monthly composite combines a smoothed mortgage-activity signal with a residential construction series benchmarked to annual new buildings with dwellings and distributed with BFS construction-output dynamics.",
    "source_description": "Composite Swiss housing indicator combining a finance-side SNB new mortgage signal and a construction-side residential building signal on a 65/35 basis after both components are smoothed with 3-month moving averages. The combined series then receives a light final 3-month moving average before rebasing to 2019 = 100. The finance side uses official quarterly SNB new mortgage counts distributed to months with official monthly mortgage-utilisation dynamics, while the construction side uses official BFS monthly Hochbau output indicators for temporal disaggregation and tail nowcasting.",
    "visibility": "paid",
    "updated_at": "2026-08-01T10:30:39Z",
    "last_refresh": "2026-08-01",
    "table_id": "macro_economics/housing/europe_housing_market_activity_monthly",
    "topic": "Macroeconomics",
    "subtopic": "Housing",
    "geo": [
      "CH"
    ],
    "geo_included": [
      "CH"
    ],
    "page_slug": "switzerland-housing-market-activity",
    "page_url": "/indicators/macroeconomics/housing/switzerland-housing-market-activity/",
    "chart_type": "line",
    "series_type": "single",
    "frequency": "monthly",
    "units": "Index (2019 = 100)",
    "legend": false,
    "featured_topic": true,
    "featured_subtopic": true,
    "featured_rank_topic": 5,
    "featured_rank_subtopic": 2,
    "chart_title": "Switzerland Housing Market Activity",
    "y_axis_label": "Index [2019=100]",
    "related_indicators": [
      {
        "title": "Switzerland Furniture Market Hub",
        "url": "/market/switzerland-furniture-market-hub/",
        "label": "Market hub"
      },
      {
        "title": "Switzerland Furniture Retail Market Size",
        "url": "/indicators/retail/market-size/switzerland-furniture-retail-turnover/",
        "label": "Retail"
      },
      {
        "title": "Switzerland Furniture Consumer Market Size",
        "url": "/indicators/retail/market-size/switzerland-furniture-consumer-market-size/",
        "label": "Market size"
      },
      {
        "title": "Switzerland Consumer Confidence",
        "url": "/indicators/macroeconomics/consumer-sentiment/switzerland-consumer-confidence/",
        "label": "Consumer sentiment"
      }
    ],
    "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": [
        "CH"
      ]
    },
    "methodology_url": "/about/methodology/housing-market-activity/",
    "methodology_label": "Housing Market Activity Methodology",
    "data_hash": "e685693d9352eceda442489070510db05639c31090ed2d33fd08f3e44995e036",
    "trend_summary": "In March 2026, the indicator reached 90.2 index points, compared with 90.4 index points in January 2018. The latest month changed by -4.7 index points from February 2026, while the full-period change was -0.2 index points. Across the available history, the range runs from 82.3 in April 2024 to 115.8 in July 2021. The latest observation sits between the period low and high, so it should be read against both the April 2024 trough and the July 2021 peak.",
    "trend_summary_generated_at": "2026-08-01T10:34:01.616144+00:00",
    "trend_summary_source": "fallback",
    "key_findings": [
      "Switzerland housing activity remains below the 2019 baseline at 90.2 index points, indicating cautious demand signals.",
      "The recent decline of -4.7 index points suggests weakening residential momentum, keeping the housing cycle fragile.",
      "This housing activity should be viewed with the furniture retail turnover, which was stable at 4298.6 million CHF in 2025."
    ],
    "key_findings_source": "ai_rewrite",
    "key_findings_generated_at": "2026-08-01T10:34:05.230495+00:00",
    "chart_alt_text": "Line chart for Switzerland Housing Market Activity in index points. The series runs from 2018-01-01 to 2026-03-01; the latest value is 90.2 index points. The peak is 115.8 index points in 2021-07-01."
  },
  "data": [
    {
      "date": "2018-01-01",
      "geo": "CH",
      "value": 90.399
    },
    {
      "date": "2018-02-01",
      "geo": "CH",
      "value": 88.911
    },
    {
      "date": "2018-03-01",
      "geo": "CH",
      "value": 90.029
    },
    {
      "date": "2018-04-01",
      "geo": "CH",
      "value": 91.834
    },
    {
      "date": "2018-05-01",
      "geo": "CH",
      "value": 97.195
    },
    {
      "date": "2018-06-01",
      "geo": "CH",
      "value": 101.157
    },
    {
      "date": "2018-07-01",
      "geo": "CH",
      "value": 104.147
    },
    {
      "date": "2018-08-01",
      "geo": "CH",
      "value": 103.78
    },
    {
      "date": "2018-09-01",
      "geo": "CH",
      "value": 102.574
    },
    {
      "date": "2018-10-01",
      "geo": "CH",
      "value": 100.232
    },
    {
      "date": "2018-11-01",
      "geo": "CH",
      "value": 99.063
    },
    {
      "date": "2018-12-01",
      "geo": "CH",
      "value": 99.48
    },
    {
      "date": "2019-01-01",
      "geo": "CH",
      "value": 100.72
    },
    {
      "date": "2019-02-01",
      "geo": "CH",
      "value": 99.091
    },
    {
      "date": "2019-03-01",
      "geo": "CH",
      "value": 93.934
    },
    {
      "date": "2019-04-01",
      "geo": "CH",
      "value": 89.378
    },
    {
      "date": "2019-05-01",
      "geo": "CH",
      "value": 90.377
    },
    {
      "date": "2019-06-01",
      "geo": "CH",
      "value": 95.59
    },
    {
      "date": "2019-07-01",
      "geo": "CH",
      "value": 101.786
    },
    {
      "date": "2019-08-01",
      "geo": "CH",
      "value": 104.515
    },
    {
      "date": "2019-09-01",
      "geo": "CH",
      "value": 107.056
    },
    {
      "date": "2019-10-01",
      "geo": "CH",
      "value": 106.991
    },
    {
      "date": "2019-11-01",
      "geo": "CH",
      "value": 106.675
    },
    {
      "date": "2019-12-01",
      "geo": "CH",
      "value": 103.887
    },
    {
      "date": "2020-01-01",
      "geo": "CH",
      "value": 101.181
    },
    {
      "date": "2020-02-01",
      "geo": "CH",
      "value": 97.329
    },
    {
      "date": "2020-03-01",
      "geo": "CH",
      "value": 93.505
    },
    {
      "date": "2020-04-01",
      "geo": "CH",
      "value": 90.911
    },
    {
      "date": "2020-05-01",
      "geo": "CH",
      "value": 92.572
    },
    {
      "date": "2020-06-01",
      "geo": "CH",
      "value": 95.128
    },
    {
      "date": "2020-07-01",
      "geo": "CH",
      "value": 98.847
    },
    {
      "date": "2020-08-01",
      "geo": "CH",
      "value": 99.722
    },
    {
      "date": "2020-09-01",
      "geo": "CH",
      "value": 102.659
    },
    {
      "date": "2020-10-01",
      "geo": "CH",
      "value": 105.156
    },
    {
      "date": "2020-11-01",
      "geo": "CH",
      "value": 109.593
    },
    {
      "date": "2020-12-01",
      "geo": "CH",
      "value": 112.764
    },
    {
      "date": "2021-01-01",
      "geo": "CH",
      "value": 113.632
    },
    {
      "date": "2021-02-01",
      "geo": "CH",
      "value": 110.742
    },
    {
      "date": "2021-03-01",
      "geo": "CH",
      "value": 105.694
    },
    {
      "date": "2021-04-01",
      "geo": "CH",
      "value": 103.724
    },
    {
      "date": "2021-05-01",
      "geo": "CH",
      "value": 106.975
    },
    {
      "date": "2021-06-01",
      "geo": "CH",
      "value": 112.796
    },
    {
      "date": "2021-07-01",
      "geo": "CH",
      "value": 115.828
    },
    {
      "date": "2021-08-01",
      "geo": "CH",
      "value": 114.608
    },
    {
      "date": "2021-09-01",
      "geo": "CH",
      "value": 111.605
    },
    {
      "date": "2021-10-01",
      "geo": "CH",
      "value": 110.942
    },
    {
      "date": "2021-11-01",
      "geo": "CH",
      "value": 111.486
    },
    {
      "date": "2021-12-01",
      "geo": "CH",
      "value": 111.188
    },
    {
      "date": "2022-01-01",
      "geo": "CH",
      "value": 106.445
    },
    {
      "date": "2022-02-01",
      "geo": "CH",
      "value": 99.124
    },
    {
      "date": "2022-03-01",
      "geo": "CH",
      "value": 95.538
    },
    {
      "date": "2022-04-01",
      "geo": "CH",
      "value": 97.354
    },
    {
      "date": "2022-05-01",
      "geo": "CH",
      "value": 104.656
    },
    {
      "date": "2022-06-01",
      "geo": "CH",
      "value": 108.727
    },
    {
      "date": "2022-07-01",
      "geo": "CH",
      "value": 110.153
    },
    {
      "date": "2022-08-01",
      "geo": "CH",
      "value": 107.324
    },
    {
      "date": "2022-09-01",
      "geo": "CH",
      "value": 105.284
    },
    {
      "date": "2022-10-01",
      "geo": "CH",
      "value": 102.618
    },
    {
      "date": "2022-11-01",
      "geo": "CH",
      "value": 101.451
    },
    {
      "date": "2022-12-01",
      "geo": "CH",
      "value": 99.812
    },
    {
      "date": "2023-01-01",
      "geo": "CH",
      "value": 99.797
    },
    {
      "date": "2023-02-01",
      "geo": "CH",
      "value": 97.858
    },
    {
      "date": "2023-03-01",
      "geo": "CH",
      "value": 95.769
    },
    {
      "date": "2023-04-01",
      "geo": "CH",
      "value": 92.659
    },
    {
      "date": "2023-05-01",
      "geo": "CH",
      "value": 93.645
    },
    {
      "date": "2023-06-01",
      "geo": "CH",
      "value": 96.07
    },
    {
      "date": "2023-07-01",
      "geo": "CH",
      "value": 98.33
    },
    {
      "date": "2023-08-01",
      "geo": "CH",
      "value": 95.624
    },
    {
      "date": "2023-09-01",
      "geo": "CH",
      "value": 92.415
    },
    {
      "date": "2023-10-01",
      "geo": "CH",
      "value": 90.431
    },
    {
      "date": "2023-11-01",
      "geo": "CH",
      "value": 92.996
    },
    {
      "date": "2023-12-01",
      "geo": "CH",
      "value": 94.536
    },
    {
      "date": "2024-01-01",
      "geo": "CH",
      "value": 94.189
    },
    {
      "date": "2024-02-01",
      "geo": "CH",
      "value": 89.099
    },
    {
      "date": "2024-03-01",
      "geo": "CH",
      "value": 85.005
    },
    {
      "date": "2024-04-01",
      "geo": "CH",
      "value": 82.342
    },
    {
      "date": "2024-05-01",
      "geo": "CH",
      "value": 85.58
    },
    {
      "date": "2024-06-01",
      "geo": "CH",
      "value": 88.821
    },
    {
      "date": "2024-07-01",
      "geo": "CH",
      "value": 93.768
    },
    {
      "date": "2024-08-01",
      "geo": "CH",
      "value": 93.984
    },
    {
      "date": "2024-09-01",
      "geo": "CH",
      "value": 94.576
    },
    {
      "date": "2024-10-01",
      "geo": "CH",
      "value": 92.233
    },
    {
      "date": "2024-11-01",
      "geo": "CH",
      "value": 92.775
    },
    {
      "date": "2024-12-01",
      "geo": "CH",
      "value": 93.897
    },
    {
      "date": "2025-01-01",
      "geo": "CH",
      "value": 95.728
    },
    {
      "date": "2025-02-01",
      "geo": "CH",
      "value": 95.415
    },
    {
      "date": "2025-03-01",
      "geo": "CH",
      "value": 92.627
    },
    {
      "date": "2025-04-01",
      "geo": "CH",
      "value": 91.314
    },
    {
      "date": "2025-05-01",
      "geo": "CH",
      "value": 92.94
    },
    {
      "date": "2025-06-01",
      "geo": "CH",
      "value": 97.181
    },
    {
      "date": "2025-07-01",
      "geo": "CH",
      "value": 100.335
    },
    {
      "date": "2025-08-01",
      "geo": "CH",
      "value": 99.75
    },
    {
      "date": "2025-09-01",
      "geo": "CH",
      "value": 97.667
    },
    {
      "date": "2025-10-01",
      "geo": "CH",
      "value": 96.776
    },
    {
      "date": "2025-11-01",
      "geo": "CH",
      "value": 98.876
    },
    {
      "date": "2025-12-01",
      "geo": "CH",
      "value": 101.065
    },
    {
      "date": "2026-01-01",
      "geo": "CH",
      "value": 99.367
    },
    {
      "date": "2026-02-01",
      "geo": "CH",
      "value": 94.926
    },
    {
      "date": "2026-03-01",
      "geo": "CH",
      "value": 90.186
    }
  ]
}