The sale of homes falls to 13.3% in October (Spain)

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Eight consecutive months of declines were recorded, with 37,605 operations in the tenth month of the year

The sale of homes fell by 13.3% last October in relation to the same month of 2019, to add 37,605 operations, as reported on Tuesday by the National Institute of Statistics (INE).

With the year-on-year decline in October, which is 12 points more pronounced than in September, the sale of homes has recorded negative year-on-year rates for eight consecutive months.

The year-on-year decline in home sales in October was the consequence of the decline in operations on used homes by 15.2%, to 29,908 transactions, and the fall, by 5%, in operations on new homes, to 7,697 operations.

91.3% of the dwellings transmitted by sale in the tenth month of the year were free dwellings and 8.7% were protected.

The sale of free homes fell by 12.9% year-on-year in October, to 34,347 operations, while that of protected homes fell by 17%, adding a total of 3,258 operations.

In monthly terms (October over September), the sale of dwellings fell 0.6%, its biggest decrease in October since 2017.

Between January and October of this year, the sale of homes accumulated a decline of 21.2%, with drops of 22.8% for operations on used homes and 14.3% for new homes.

Andalusia, in the lead

Last October, the highest number of home sales per 100,000 inhabitants occurred in the Valencian Community (135) and Andalusia and Murcia (120 in both cases).

In absolute values, Andalusia was the region that carried out the most housing operations during the tenth month of the year, with 7,957 sales, followed by the Valencian Community (5,333), Catalonia (5,317), and the Madrid Community (5,118).

Fourteen communities presented negative annual rates in the number of home sales in October, while three increased their operations: Extremadura (+ 31%), Asturias (+ 21.6%), and Castilla y León (+ 1.4%).

The greatest decreases occurred in the Balearic Islands (-28.7%), Catalonia (-24.4%), La Rioja (-23.7%), and Madrid (-22.9%), while the smallest decreases corresponded to Aragon (-1.3%) and Castilla-La Mancha (-4.7%).

Lower the total of farms

The properties transmitted in the property registers, from public deeds carried out previously, reached 156,875 in October, 8.2% less than in the same month of 2019 and its highest figure since last February, before the pandemic.

11.6% fewer farms were transmitted through sale than a year ago, while those transmitted by donation increased 8.5% annually; those transferred by inheritance fell 2%, and swap operations increased 2.6%.

84.2% of the sales in October corresponded to urban properties, which include homes, and 15.8% to rustic properties. Sales of urban properties fell by 13.7% annually, while those of rustic properties rose 1.6% in relation to October 2019.

Contradiction with the ministry

On the other hand, according to provisional data released this Tuesday by the Ministry of Transport, Mobility and Urban Agenda, the sale of homes grew by 6.7% in the third quarter of the year, a period marked by the coronavirus pandemic, and left behind the falls registered in the first half of the year.

Between July and September, this body 132,006 housing transactions, the highest figure recorded since the end of 2019. Furthermore, if compared to the previous quarter, the sale of homes soared in the third quarter by 67%.

These data contrast with those of the INE, which go in another direction and indicate that operations increased their fall in October to 13.3%, leading to eight consecutive months of declines, which began last March as a result of the health crisis.

With data from the Ministry, the sale of homes resumed the positive path and left behind the falls registered in the first and second quarters of the year.

It should be remembered that between January and March, operations yielded more than 16% and that between April and June they sank more than 47%, marking their worst figure in seven years impacted by the state of alarm decreed before the advance of the pandemic.

In the third quarter, new home transactions grew 51%, always according to this latest measurement, to 16,163 operations, the highest figure since the end of 2018.

In the case of second-hand homes, sales also grew, although to a lesser extent, rising 3% to 111,320 operations, the highest number since the middle of last year.

Free housing-led practically all of the purchases with 127,483 transactions, 7.4% more than in the same period of the previous year.

On the other hand, purchases of protected housing fell 9.8% to 4,523.

Foreigners residing in Spain bought 19,006 homes, 6.4% less than a year earlier in a pandemic context, while non-residents bought 589 homes, 0.5% less.

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