The Halifax index shows house prices 0.9% down on the month, 0.4% down on the quarter and 2.8% in the red across 12 months. What does it all mean? Prices are falling again, but not the way they were falling two and half years ago. February's 0.9% drop has to be balanced against January's 0.8% gain (there's nothing magical about a month as a way of measuring time and a market). Interesting, the accompanying bumph mentions tight supply supporting prices ("The decline in properties coming onto the market continues"), which is in direct contrast to yesterday's Hometrack assertions. Download the Halifax report as a PDF by clicking here.

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