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The Housing Price Index reaches its lowest level almost three years later

During the third quarter of 2019, the annual rate of the Housing Price Index (IPV) stood at 4.7 percent, only six tenths less than the previous quarter. However, compared to the same period in 2018, this is down 2.5 percentage points. In fact, according to INE statistics, it is the lowest data recorded since the end of 2016.

Although housing prices have steadily increased since the post-recession dip in 2012/2013, growth has slowed in recent times. In fact, the Housing Price Index (IPV) stands at 4.7 percent in 2019, which is six tenths less than in June of the same year (at 5.3 percent).

According to the National Institute of Statistics (INE), new housing has soared in recent times, reaching highs of 6.6 percent, while used housing has fallen to 4.4 percent. Both have also yielded six tenths compared to last quarter, but things change when we look at the evolution year-on-year. New housing has risen five tenths compared to Q3 of 2018 (which stood at 6.1 percent), while second-hand houses yielded 2.9 percentage points.

By Autonomous Communities, the Basque Country (4.8 percent), the Balearic Islands (6 percent) and the Canary Islands (3.8 percent) recorded the largest year-on-year increases, with increases above six tenths. On the other hand, Madrid (at 4.6 percent), Murcia (at 3.7 percent) and La Rioja (at 4.4 percent) suffered the greatest falls compared to the previous quarter with between 1.9 and 1.8 points respectively.

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