The latest house price index from the Spanish property portal Idealista, based on resale asking prices, was down 3.6% in April.

On a monthly basis prices were down 0.8% to an average of 1,539 €/m2, but up in Madrid, Andalusia and the Valencian Community, and down in the Canaries, Catalonia, and Murcia.

This just goes to show that, taken as a whole, the Spanish property market still is still beset by weakness, with too many vendors and not enough buyers. Other indices I track (see chart above, latest Idealista figure highlighted) have also turned down of late, though the monthly figures are volatile and you can’t read too much into them.

The problem with looking at national aggregate figures like this, is they tell you nothing about local markets, which is more relevant to buyers and sellers.

The aggregate figures are useful for national accounting, for understanding the overall trend (which can influence local markets), and for getting an idea of the balance sheet of the country as a whole, and in particular the banking system, but not much use to buyers and sellers who want to know what is going on in their local area of interest.

The fact is the market today has pockets of despair and pockets of exuberance, it all depends what and where.