Housing Price Index (HPI). Base 2007 – Q4 2011

House Price Index - Q4 2011
Prices continue to fall

The National Institute of Statistics (INE) have released figures for the house price index (HPI) for the fourth quarter of 2011, showing an annual variation rate of -11.2%, almost four points lower than that registered the previous quarter.

The interannual variation of new housing decreases three-and-a-half points, up to -8.5%.

Second-hand housing registers a decrease of more than four points in the annual rate, which stands at -13.7%.

The quarterly variation of the general index is -4.2%.

Annual evolution of housing prices

The interannual rate of the Housing Price Index (HPI) in the fourth quarter of 2011 decreased almost four points, standing at -11.2%, the lowest since the first quarter of 2007.

By type of housing, the annual variation of new housing stood at -8.5%, three-and-a-half points lower than the previous quarter.

In turn, the annual rate for second-hand housing went from -9.6% in the second quarter to -13.7%, decreased more than four points, in the fourth quarter of 2011.

Worth noting, that these rates were the lowest registered since the beginning of the series, for the new and second-hand housing.

Results by Autonomous Community. Interannual variation rates

The annual variation of the HPI is negative in all Autonomous Communities in the fourth quarter. In addition, this rate decreased in all Autonomous Communities such as the three previous quarters.

The greatest decreases in this variation took place in Principado de Asturias and Comunidad de Madrid (-10.5% and –15.7%, respectively) decreased almost seven points as compared with the third quarter.

In turn, the lowest decreases of the annual variation took place in Canarias (-1.3 points) and Cantabria (–1.3 points), standing the annual variation at –7.7% and –11.6, respectively.

The full report can be downloaded here: Housing Price Index (HPI). Base 2007. Q4 2011