Housing continues to rise in price without showing signs of exhaustion. According to the price index published this Monday by the National Institute of Statistics (INE), the value of houses and apartments increased by 12.2% in the second quarter compared to the same period of the previous year. With this new rebound, the indicator now has 49 consecutive quarters of year-on-year increases, a streak that reflects the intensity and prolonged duration of an escalation that, for now, has no ceiling.
The Housing Price Index (IPV) prepared by the INE works as a thermometer of the real estate market. It does not measure how much a house costs in absolute terms, but rather how its prices evolve with respect to a reference period. The latest data reflect that upward pressure remains especially intense in the second-hand market. Between April and June, the price of used housing soared by 12.9% compared to the same quarter in 2025, while that of new construction increased by 7.4%. Although both segments continue to increase, it is the existing homes that are driving much of the increase registered in the market as a whole.
The result known this Monday adds one more spigot to a list that has already accumulated 49 consecutive quarters on the rise in year-on-year terms. The last time this index was negative happened in the first quarter of 2014 (-1.6%). Since then it has not stopped increasing its value. Despite this inclination, the latest year-on-year increase is slightly lower than that which occurred in the previous three quarters (12.8%, 12.9% and 12.9%, respectively), and is comparable to that which took place between January and March 2025 (12.2%).
For Ferran Font, Director of Research at Pisos.com, the market continues to move due to the same factors that have driven increases in recent years: “robust demand, a supply incapable of growing at the rate necessary to absorb it and financing conditions that, despite changes in the economic environment, continue to be relatively favorable.” In this context, the expert considers that the upward trend is likely to continue in the coming months. However, he points out that, after several quarters of strong increases, specific signs of moderation could begin to appear. This possible slowdown, he adds, would be more likely in those areas where the imbalance between supply and demand is less pronounced, although for now nothing indicates a change of cycle in the residential market or a general correction in prices.
At a territorial level, the increase in housing prices maintained a very high intensity between the second quarter of 2025 and the same period of 2026, although with notable differences between communities. The highest annual growth rates were recorded in Ceuta (15.2%), Asturias (15%), Castilla y León (14.8%), La Rioja (14.4%), Murcia (14.4%) and Aragón (14.6%). At the opposite extreme were Navarra (9.5%), the Basque Country (10%) and Catalonia (10.1%), the only autonomies, along with the Canary Islands (11%), clearly below the national average (12.2%).
General extension
A year earlier, in the second quarter of 2025, the map was more homogeneous and no community fell below 10.8%. The comparison also shows a very marked acceleration in traditionally less stressed territories, such as Asturias, Castilla y León or Cantabria, while mature markets such as Catalonia, the Basque Country or Navarra have moderated their relative pace of advance.
The evolution in the last five years, from the second quarter of 2021 to 2026, reflects a practically uninterrupted trend of acceleration. In 2021, the increases ranged between 1.7% in Extremadura and 6.7% in Melilla; In 2022 they were already mostly between 6% and 11%; and in 2023 there was a clear slowdown, with many communities growing only between 2% and 5%. Starting in 2024, a new bullish cycle began that intensified strongly in 2025 and led to the current highs.
Behavior has also changed by territory: tourist markets such as the Balearic Islands and the Canary Islands, which led the increases after the pandemic, have been reached or surpassed by northern and inland regions, such as Asturias, La Rioja, Castilla y León and Aragón. These trends show that the increase in prices no longer responds only to specific sources of demand, but has spread generally throughout practically the entire territory.
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