2023-08-04 09:52:16
The sale of housing added in june its fifth consecutive month of declines. In total, 53,999 operations were registered throughout Spain, which meant a drop of 6.4% in year-on-year terms, according to data from the National Institute of Statistics (INE).
The effect. the rise in interest rates by the European Central Bank (ECB) which in one year have gone from 0% to the current 4.25%, is noticeable in the market, as has happened in the granting of mortgages to purchase a home.
In the semester, home transfers fell 4.5% compared to the same period of the previous year. In so far this year, January was the only month that registered an increase in the number of operations with respect to the previous year
The INE data show that the drop in operations occurred essentially in the used housing segment, with 43,532, which represents a decrease of 9.7%, with which it accumulates decreases for the sixth consecutive month. On the other hand, the transactions in the market of new housing increased by 10.7%up to 10,467 operations, according to the INE.
sustained prices
In the opinion of Beñat del Coso, spokesperson for Idealistic, “Despite the year-on-year drop in the number of operations in June, home buyers have not withdrawn and continue to bet on the real estate market. The data at the moment do not confirm the announced crisis in the sector because demand remains strong, despite the frequent rate hikes carried out by the ECB in recent months. This data, along with a sustained reduction in supply, is sustaining a price hike which, for the moment, is not stabilizing”.
This representative of the real estate portal adds that “in the last 12 months, which coincide with the change in ECB policies increasing financing costs, according to the INE more than 634,000 homes were sold, which is 1% more than those sold in the previous 12 months, when rates remained exceptionally cheap At the same time, the supply of homes for sale continues to decline, generating tensions that explain the 7.2% year-on-year increase in prices“.
All of this means that the impact of interest rate rises is “limited”, which, in Idealista’s opinion, occurs because “there is probably a very relevant pool of demand with lower financial needs and that, in many cases, already has with another home owned to facilitate the operation.” According to photo house, the average price of the sale of homes continues with an upward trend. This month it has stood at 2,150 euros per square meter and has risen by 9.7% year-on-year; the seventh increase in chain higher than 9% in 2023. Forget it, for its part, calculates that the average price of new and used housing registered a monthly increase of 0.9% in July, which places the interannual variation at 4.9%. All analysts and consultants in the sector, whether one percentage or another, agree that prices continue to rise.
House sales, for their part, have not stopped falling this year, as the price of money has continued to rise, with the exception of January. In the second month of the year it fell again and has not stopped until June, the latest data available,
Total, 92.3% of the homes that were sold in June were on the free market and only 7.7% in the protected. The former experienced a drop of 6.2% compared to a year ago; and the latter, a decline of 8.7%. In this way, while used housing transactions have accumulated five months of decline, those of new housing register another increase after that of the previous month.
Respecting the mayo
Compared to May, the number of purchase and sale operations registered a decrease of 3.8%, exactly the same as a year ago and in contrast to the rise of 3.8% in June 2021 and, especially with the increase of 22 .7% of the same month of 2020.
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The communities with the highest number of house transfers per 100,000 inhabitants were the Valencian Community (225), the Region of Murcia (170) and Andalusia (159).
The autonomous communities that presented the highest annual increases in the number of home sales in June were the Comunidad Foral de Navarra (5.1%), the Principado de Asturias (1.9%) and the Comunitat Valenciana (1.1% ). For their part, La Rioja (–20.5%), Cantabria (–18.8%) and Extremadura (–15.8%) registered the greatest decreases in the number of operations with respect to the same period of the previous year.
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