Spanish house prices are now rising at a rate that would suggest the crisis is history, if the latest data from the Property Register is to be believed.
Average national house prices rose 6.6% over twelve months to the end of September, according to the house price index put together by the Spanish Registrars’ Association, using the Case Shiller methodology.
That’s the biggest increase in the average house prices since September 2007, when the Spanish property boom had not yet turned to bust.
“The rate of growth in recent quarter continues to lessen the cumulative decline in prices since the 2007 peak, placing it now at 28.%,” explain the registrars.
However, these figures are somewhat at odds with other sources of house price data, for example from the notaries, which had average house prices falling by 3.4% in August. The house price index from the Registrars is by far the most optimistic of all those included in the SPI House Price Index Tracker (see graph above).
It is also hard to believe that average national house prices are rising in a country with 1.2 million homes on the market, the equivalent of 3.75 years of supply.
The registrars also reveal there were 92,786 home sales inscribed in the Property Register in Q3, the highest level in the last ten quarters, and a 16.6% increase on the same period last year.