Spanish house price double-dip?

TINSA has a new Spanish house price report available today.

House price double-dip in Spain? I think the graph of TINSA’s index answers the question.

After the decline in house prices slowed and looked as if they might stabilise, today’s report shows that the TINSA house price index continues to decline at between 10-15% year-on-year.

House price index double dip

The accompanying TINSA press release summarises their findings:

“Capitals and Major Cities record the sharpest decline year-on-year in June 2012, closely followed by the municipalities of the Mediterranean Coast”

The year-on-year decline in the IMIE General index slowed slightly in June to 10.8% after the index reached 1589 points.

The cumulative decline in house prices since the top of the market in December 2007 reached 30.4%.

By region, “Capitals and Major Cities” recorded the sharpest year-on-year decline in June of 13.5%, closely followed by the municipalities of the “Mediterranean Coast”, which fell by 13.3% compared to the same month in 2011, and “Metropolitan Areas”, which fell by 11.6%. The decline was greater than the market average in all three areas.

Behind these were once again “Other Municipalities”, which fell year-on-year by 7.3%, and the Balearic and Canary Islands, which were ranked last with a decline of 6.8%.

In terms of the cumulative decline in house prices since the top of the market by region, the Mediterranean Coast recorded a fall in June of 38.3%; followed by Capitals and Major Cities with 33.8%, Metropolitan Areas with 31.9%, the Balearic and Canary Islands with 25.4% and Other Municipalities, which refers to those not included in the other categories, with 24.5%.