Spanish house prices fell 5.3% year-on-year in March following a 5.5% drop in February, property website TINSA said Tuesday. A year ago, house prices fell 9.7%.
House prices in the capital and large cities decreased 5.4% and those in the metropolitan areas fell 5.6%. In the Mediterranean coast, prices were down 7.8%. House prices were 5.7% lower in Balearic and Canary Islands. Other municipalities showed a 4% fall.
In the first quarter, house prices dropped 1.7% compared to the previous year when prices were down 3%.
On the same day, Spain's National Statistics Institute said home sales rose 7.2% month-on-month in February, taking the annual growth to 18.7%.
What this all really means is that the latest stats show a stabilizing and bottoming out of the fall in property prices but no one knows how long it will take for the excess stock to be taken up, with some saying well into 2016.
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