The price of houses fell by 14.4% in the second quarter of 2012 compared to the same period last year. the biggest decline since the Housing Price Index (IPV) was introduced in 2007.
The price of new houses fell by 12.8%, one point lower than the previous quarter, and the price of second-hand houses fell by 15.7%, up more than two points on the previous quarter.
House prices fell in all regions, the largest declines occurred in Catalonia (16.5%), Madrid (16%), Basque Country (15.6%), La Rioja (15.2%), Balearic Islands and Cantabria (15%), Aragón and Navarre (14.5%).
Below the national average were Canary Islands and Asturias (14.3 %), Comunidad Valenciana (14.2 %) Castilla y León (14 %), Andalucía (13.1 %), Galicia (12.7 %), Castilla-La Mancha (11.6 %), Murcia (11.4 %) and Extremadura (7.4 %).