Thursday, November 30, 2023

Home sales eased their fall in August to 14.4%

The sale and purchase of houses highlighted its decline in August until decrease of 14.4% at the interannual ratethe biggest decline since January 2021, and chained seven consecutive negative months in a context marked by rising interest rates and the resulting increase in financing costs.

Specifically, in August less than 50,000 operations (49,252) were recorded, according to statistics published this Tuesday by the National Institute of Statistics (INE).

However, about the last month (July), the sale and purchase of houses up 2%. Thus, so far this year, transactions have accumulated a drop of 6.5%.

After closing December with a drop of more than 10%, sales declines were interrupted in January when they registered an increase of 6.6%.

In February they fell again in the same proportion, a trend that continued in March with an adjustment of 5.7%, which was highlighted in April with a decrease of 8.1%, which continued in May and June with 6.4% little, in fact, and worsened again in July with a decrease of 10.5% and now in August with 14.4%.

Sale of used houses, those that fell the most

In August the second hand buying and sellingthe most, representing almost 81% of the total, continues to decline and recorded a decrease of 15.9% compared to the same month in 2022, which recorded 39,827 transactions.

This is the biggest decrease since January 2021.

For their part, the New home transactions were also down 7.3% year-over-year up to 9,425 operations and showed negative rates in nine of the last 12 months.

In the cumulative year, transactions in used housing recorded a decrease of 7.5%, while new housing renewed their decrease of 2%.

By regime, the free accommodation, which represents more than 92% of the total, added 45,615 operations in August, 14.5% less. In the case of subsidized housing, 3,637 transactions were reached, 13.9% less than a year ago.

They increased compared to July thanks to the development of new homes

Despite the year-on-year decline, Purchases and sales grew 2% compared to the previous month, July.

This increase was possible due to the increase in new home sales, which increased by 14%.

Conversely, used home transactions continued to decline compared to last month and fell by 0.5%.

They have sunk in the Balearic Islands, Canary Islands and Madrid

By autonomous communities, in August year-on-year fall was recorded in 15 of them, with The biggest declines were in the Balearic Islands (37.7%), the Canary Islands (25.6%) and Madrid (22.9%).

Catalonia (17.1%) also showed a decrease above average; Andalusia (16.5%); Aragon (16.3%) and the Basque Country (15.6%).

In contrast, housing transactions grew in two communities: Navarra (8.7%) and Asturias (3.7%).

In August they enrolled in the properties recorded 166,982 properties, 7.3% less than last year.

The purchase and sale of registered properties decreased by 11.5% year-on-year with 93,917 transactions and donations decreased by 4.8% to 3,692 units. Other operations (consolidation of land, horizontal divisions, payment duties, mortgage or judicial judgment, etc.) amounted to 29,305 in August, 5.9% lower.

In contrast, exchanges increased by 46.8% to 543 and inheritances increased by 2.4% to 39,525 operations.

World Nation News Desk
World Nation News Desk
World Nation News is a digital news portal website. Which provides important and latest breaking news updates to our audience in an effective and efficient ways, like world’s top stories, entertainment, sports, technology and much more news.
Latest news
Related news