Spain House Prices Lowest Since Q1 2007

 

Spain's house prices decreased at a faster pace in the fourth quarter to its lowest level since the first quarter of 2007, data from the statistical office INE showed Thursday. The house price index declined 11.2 percent annually in the fourth quarter, after falling 7.4 percent in the previous three months. Sequentially, the index dropped 4.2 percent. Prices of new houses fell 8.5 percent on a yearly basis in fourth quarter, steeper than the 5 percent decline in the third quarter. Meanwhile, prices of second-hand houses tumbled 13.7 percent after the 9.6 percent fall seen in previous quarter. The index for the new houses and second-hand houses registered the lowest levels since the beginning of the series, the agency said.