Spanish housing prices up 14.7% YoY, sales fall; smaller cities lead

Spanish housing prices rose 14.7% year-on-year despite a drop in sales, with smaller municipalities like Soria, Albacete, Santander, and Ciudad Real leading gains. Price growth is moderating but remains above inflation in most capitals. The divergence between rising prices and falling sales suggests demand-supply imbalance, potentially affecting household affordability and consumption.