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Euro-Area House Prices Declined in Third Quarter on Italy, Spain

House prices in the euro area fell 0.7 percent in the third quarter from the previous three-month period as declines in Italy and Spain offset gains in France and Ireland.

Prices dropped 2.5 percent from the third quarter of 2011, the European Union’s statistics office in Luxembourg said today. Eurostat’s report was its first on the evolution of house prices.

Prices in Italy and Spain fell 1.1 percent and 3.7 percent, respectively, from the second quarter, according to the report. French prices rose 0.9 percent, while in Ireland they gained 1.6 percent. No data were provided for Austria, Cyprus, Germany or Greece.

House prices declined 0.4 percent in the 27-nation EU in the third quarter from the previous three months and 1.9 percent in the year, the report showed.

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