The annual variation of the Housing Price Index (HPI) did not change compared to the previous quarter, and remained at 12.9% in the first quarter of 2026.
By type of housing, the annual rate for new housing decreased by 2.1 points to 9.1%.
On the other hand, the change in second-hand housing was 13.5%, an increase of 0.4 points above that recorded in the previous quarter.
Total, new and used housing. Percentage
The quarterly variation of the general HPI in the first quarter was 3.5%.
Total housing. Percentage
By type of housing, both new and pre-owned housing prices increased by 3.5% in the first quarter of 2026 with respect to the fourth quarter of 2025.
New and used housing. Percentage
Housing prices showed positive annual rates in all the autonomous cities and communities in the first quarter.
The largest price increases occurred in Aragón and Región de Murcia (both 15.6%) and Castilla y León and the autonomous city of Ceuta (both 14.9%). And the lowest, in Cataluña and the Comunidad Foral de Navarra (both 10.5%) and País Vasco (10.3%).
Percentage
The data published today are final. All results of this operation are available on INEBase.
The HPI published today includes two methodological innovations: firstly, the change in the reference period of the indices, which goes from the year 2015=100 to the year 2025=100. And, on the other hand, the updating of the statistical model used for its calculation, plus the weighting structure of the housing typologies.
Starting in the first quarter of 2026, the base year or reference year for the HPI is 2025. It thus coincides with the reference period of the harmonised housing price index, which also changes to the year 2025, in compliance with Regulation 2016/792 of the European Parliament and of the Council of 11 May 2016, which establishes that the harmonised indices and their sub-indices must be rescaled every 10 years.
This new base entails a change in the values of the indices already published, but does not alter any of the retrospective rates of change of the indicator.
In addition, the regression model and the set of housing types whose prices will be tracked throughout the year have been updated, plus their weighting structure, as is customary for this indicator every year in order to adapt to the changes that take place in the real estate market.
Regarding the revision of the regression model, from 2026 onwards the model includes an additional explanatory variable that contains the database used. This is the variable that distinguishes whether the buyer is European and whether the property acquired is located in a tourist province or not.
Similarly, the variables that classify provinces, municipalities and postal codes have been updated with the latest information available in the sources used in their elaboration.
On the other hand, weights have been calculated with information on home sales for the last two years.
Neither the updating of weights nor the changes in the housing model and typologies affected the published variation rates, as it is a chained index.
The following table shows the weights used in 2025 and those used in 2026.
The main objective of the Housing Price Index (HPI) is to measure the evolution of the sales price of private dwellings acquired by households in Spain, both new and second-hand dwellings, adjusting for changes in the composition and quality of the dwellings acquired in different periods by means of a method that combines stratification with a regression model.
More information on the methodology and the standardised methodological report.
INE statistics are produced in accordance with the Code of Good Practice for European Statistics. More information on Quality at INE and Code of Best Practices.
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