The price of free housing increased by 7.8% over one year In the second quarter of the year, the rate was 1.5 points higher than in the previous quarter and the highest since the second quarter of 2022, when it increased by 8%, according to the Housing Price Index (IPV) of the National Institute of Statistics (INE) published this Thursday. With the rebound in the second quarter of 2024, there are now 41 consecutive quarters of year-on-year increases in the price of free housing.
This 7.8% price increase is due to both new and second-hand housing. More specifically, the price of new housing increased by 11.2% over one year In the second quarter, the rate was 1.1 percentage points higher than in the previous quarter and the highest since the third quarter of 2007, when the subprime crisis broke out.
For its part, the price of second-hand housing increased by 7.3% over one year in the second quarter, i.e. 1.6 points more than the previous quarter and its biggest rebound since summer 2022.
Navarre and Aragon lead year-on-year increases
All autonomous communities increased housing prices in the second quarter at an interannual rate. However, the most significant increases were recorded in Navarre (+10.3%), Aragon (+9.9%), Andalusia And Ceuta (+9.5%) and Cantabria, Valencian Community And La Riojaall with an advance of 8.6%.
At the other extreme, we see increases more moderate which happened in Castile-La Mancha (+5.3%), Extremadura And Balearic Islands (+6.2% in both cases) and Galicia And Cataloniaboth with a year-on-year increase in the price of free housing of 6.7%.
The largest quarterly increase in nine years
If we look at the increase in the second quarter compared to the first three months of the year, the price of free housing increased by 3.6%its largest quarterly increase since the second quarter of 2015. A figure very similar to that proposed by the data concerning second-hand housing, the price of which increased by 3.7% between April and June. For their part, new housing increased its price by 2.7%, moderating by almost three points the increase recorded in the first quarter of the year.
