The fall in Spanish home sales accelerated in the final quarter of 2008, a report showed on Tuesday, reflecting a collapsing property sector that has helped tip the fourth-largest euro zone economy into recession.
Some 113,274 homes were bought and sold in the fourth quarter, down 13.5 percent from 130,884 in the third, Spain's College of Registrars said.
The drop was sharper than a 8.6 percent fall between the second and third quarters.
For the year, 561,420 sales were registered, down 28.8 percent from 2007.
The average value of Spanish mortgages declined for a fourth consecutive quarter, falling 1.84 percent year on year to 136,148 euros ($174,400), the college said.
Average mortgage values fell 6 percent in 2008, it said.
Figures from Spain's National Statistics Institute published last month showed mortgages in Spain fell 23 percent in November compared to a year earlier, reflecting both weaker demand and tighter bank lending.
Most analysts say Spanish house prices will fall by up to 30 percent from their highs, though some see greater declines as possible as the end of a decade-long residential construction boom coincides with credit market turmoil. Add into this the cost of buying euros and the Spanish property market seems to be in some pain.
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