RTTNews - Spanish housing prices dropped 7.6% year-on-year in the first quarter after falling 5.4% in the fourth quarter of the previous year, the National Statistics Institute said Tuesday. Prices dropped for the fourth straight quarter and the latest decline was reportedly the sharpest fall on record.

Compared to the fourth quarter of the previous year, housing prices were down 2.7%.

Prices of new houses dropped 2% year-on-year in the first quarter after rising 0.8% in the fourth quarter. Meanwhile, prices for secondhand houses fell 12.5% following a 10.7% drop. Secondhand house prices declined for the fifth consecutive quarter.

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