2023-08-04 10:20:59
Updated Friday, August 4, 2023 – 10:20
Prices rise 0.9% in July, according to notaries
The purchase and sale of housing chains five months of falls. EFE
He housing market in Spain it continues to cool off in full rise in interest rates. According to the data released today by the National Institute of Statistics (INE), the sale of homes fell again in June for the fifth consecutive month. And the data from notaries corroborate this cooling off in demand in a context of rising mortgage prices.
Specifically, the sale of homes registered in June a decrease of 6.4% compared to the same month last year, up to a total of 53,999 operations. With this year-on-year decline, which does not show any variation with that registered in May, the sale of homes has been a chain of five months of negative rates. And in the intermonthly rate (June over May), the decrease is 3.8%.
By autonomous communities, where sales fell the most was in The Rioja, 20.5%; followed by Cantabria, where it contracted 18.8%; and of Estremadura, where it fell by 15.8%. On the other hand, it grew by 5.1% in Navarra and 1.9% in Asturias.
From Fotocasa they point out that the INE data “They show us, one more month, that the slowdown in sales is consolidated in the first six months of 2023″. “After two very intense years and with very positive figures for the sector, a period of normality and stabilization begins,” says María Matos, Director of Studies.
According to the INE, the sale of used homes fell by 9.7% in the sixth month of the year, to a total of 43,532 operations, while the transactions carried out on new apartments increased by 10.7%, to 10,467 operations.
92.3% of the homes transferred by sale in June were free homes and 7.7% were protected. In total, the sale of private homes fell 6.2% year-on-year, to 49,852 operations, while the sale of subsidized homes fell 8.7%, to a total of 4,147 transactions.
price slowdown
Coinciding with the publication of the Statistics data, analysts from the appraisal company Forget it have estimated today the evolution of the price of new and used housing in July in a monthly increase of 0.9%which places the year-on-year variation at 4.9%.
“Demand for housing continues to modernize, albeit gradually, as reflected in accumulated sales during the first five months of the year, which fell by 12.5% year-on-year. Despite this, they remain 9% above 2019 levelsaccording to data from Notaries”, pointed out Cristina Arias, director of the Tinsa Studies Service.
“The increase in interest rates affects more strongly the granting of mortgages, which are reduced more than sales as a whole,” they point out from Tinsa. The analysts conclude that these data continue to be framed in a general environment of price slowdown residential and trend towards stabilization.
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