Housing Price Index – First Quarter 2012

INEThe National Institute of Statistics (INE) have released their House Price Index results for the first quarter of 2012. The report summarises the main results as follows:

  • The annual variation rate of the HPI is –12.6% in the first quarter of 2012, almost one-and-a-half points lower than that registered the previous quarter.
  • The interannual variation of new housing decreases more than three points, up to –11.8%.
  • Second-hand housing registers an increase of four tenths in the annual rate, which stands at –13.3%.
  • The quarterly variation of the general index is –5.0%.

Annual evolution of housing prices

The interannual rate of the Housing Price Index (HPI) in the first quarter of 2012 decreased almost one-and-a-half points, standing at –12.6%, the lowest since the beginning of the series, in 2007.

By type of housing, the annual variation of new housing stood at –11.8%, more than three points lower than the previous quarter. This rate of new housing was the lowest registered since the beginning of the series.

In turn, the annual rate for second-hand housing went from –13.7% in the fourth quarter of 2011 to –13.3%, increased four tenths, in the first quarter of 2012.

Results by Autonomous Community. Interannual variation rates 

The annual variation of the HPI is negative in all Autonomous Communities in the fourth quarter, such as happened throughout the previous year.

The greatest decreases in this variation took place in Illes Balears (-5.0 points) and Comunidad Foral de Navarra (-4.7 points), standing the annual variation at –14.8% and –15.6, respectively.

In turn, the highest increases of the annual variation took place in Comunidad de Madrid and La Rioja (-14.2% and –12.7%, respectively), increased one-and-a-half points as compared with the previous quarter.

You can see the complete report here: Housing Price Index (HPI). Base 2007 – First Quarter 2012