Level is calculated after 1989:Q4 benchmark as the previous level, plus capital gains, plus net investment in residential structures (FOF series FU115035023), minus disaster losses (FOF series FU115404263). Capital gains are calculated as the weighted average of single-family house prices (FOF series FI075035243) and multi-family house prices (FOF series FI075035403), where single-family prices are weighted 62 percent and multi-family prices are weighted 38 percent. Data for the past ten years show no significant sesonality.
