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This paper presents quantile estimates of house prices across two years, 2004 and 2007, in several Spanish cities. We decompose the change in the house price distribution into portions due to changes in the distributions of the explanatory variables and to changes in coefficients over time. We obtain three main results. First, from 2004 to 2007, the change in house prices in Spain is larger at both lower and higher percentiles. Second, most of the difference in the distribution of house prices between 2004 and 2007 is explained by coefficients (with all the variables contributing similarly). Third, we find notable variation in the changes in the house price distribution across cities, with Madrid, Valencia, and Bilbao showing the largest changes.