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House prices are rising at a slower pace and will recover by 7.6% at the end of the third quarter.

According to the Housing Price Index (IPV) published by the National Institute of Statistics (INE), the price of free housing increased by 7.6% in the third quarter of the year compared to a year ago.

It is growing, but four-tenths less than the previous quarter. Despite this slight slowdown, freehold housing has already racked up 34 quarters of annual growth over eight years.

The increase is a far cry from the 8.5% increase in the first three months of this year, when freehold housing appreciated at a rate not seen since the housing bubble more than a decade ago.

Again, there are differences in how new and used home prices work. The first two become cheaper than three months ago. That is, according to the index published by INE, it becomes more expensive by 6.8%.

Meanwhile, second-hand prices are down just one-tenth from June. Its price increases by 7.8%.

INE also breaks down the quarter-to-quarter variation rather than year-to-year. In this case, the housing price index increases by 1.7% and once again, the second-hand property increases more. In particular, new home prices increased by 0.9% between the third and second quarters; And second-hand sales increased by 1.9%.

Differences according to autonomous communities

By autonomous community, the annual rate of this housing price index also decreased in the majority of autonomous communities.

The biggest declines, INE highlights, are in the Balearic Islands, the Murcia region and Andalusia, with declines of 2.6, 2.2 and 1.9 points.

On the other hand, where it increases the most are Euskadi (1.3 points), Extremadura (1.2) and Catalonia (0.9). In the Community of Madrid, the increase is 7.6%, the same as the national average, although in this case it is 0.3 points higher than three months ago.

Indeed, data published this Friday indicate that house prices in the third quarter have positive quarterly figures in all autonomous communities.

The largest increases were recorded in the Comunidad de Madrid, with a 2.3% rate, and the Euskadi and La Rioja, both with a 2.2% increase. On the other hand, the communities where the annual rate increased the least were Principado de Asturias, Región de Murcia and Galicia, with increases of six tenths in the first two and seven tenths in the bottom.

Source: El Diario





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