Spanish House Prices in Slower Pace Of Decline in 4Q

MADRID--Spanish house prices fell at a double-digit annual pace in the fourth quarter, albeit slightly slower than in the third quarter, a sign that the country's ailing property sector is yet to find a bottom after a five-year property bust.

House prices fell on average by 12.8% in the fourth quarter from the year-earlier period, compared with a 15.2% decline in the third quarter, the country's statistics agency, INE, said Friday.

On average, house prices declined 13.7% in 2012, the largest single-year decline ever seen in the country. Since 2007, the year before the bust started, prices have declined just over 30% according to INE's estimates--and likely even more according to many private sector economists.

The Spanish housing price index stood at 69.2 in the third quarter, down 1.4% from the second quarter, INE said.

Write to David Roman at david.roman@wsj.com

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