Maria Hernandez Madrid

Madrid

Updated Friday, January 19, 2024-12:48

The sale and purchase of homes confirms its downward trend.

In November it chained its tenth consecutive contraction after registering

46,888 operations

, 15.1% less than in the same month of the previous year.

The positive note is that operations rose compared to the previous month, standing 2.1% higher, according to data published this Friday by the National Institute of Statistics (INE).

In this way, the purchase and sale of homes has accumulated a cumulative decrease in the year of 9.3% after the successive increases in interest rates and the consequent increase in the cost that they have caused in mortgage financing.

Despite the declines, the sector is optimistic.

The Idealista real estate portal considers that these falls are not a disaster for the market, since they seem more related to the reduction in available supply and sees it likely that the closing data for 2023 will place the volume of operations slightly below 600,000 units, its second highest volume since the burst of the 2008 bubble, only behind 2022.

Fotocasa also highlights that sales continued to show a very intense pace, exceeding 46,000 monthly transactions and agrees that despite the double-digit year-on-year drop, 2023 will be, after 2022, the second best year since 2008 thanks to dynamism and activity. much more intense than expected.

By type of home,

second-hand transactions

, the most numerous in the market, accounting for more than 80% of the total, fell 16% in November to 38,015 transactions.

For its part, the sale and purchase of

new homes

decreased by 11% year-on-year to 8,873 transactions, leaving behind the increase that was recorded a month before and that had not occurred since June.

For the third consecutive month they do not exceed 9,000 operations.

Since last January, the sale of used homes has been the one that has fallen the most, 10.4%, while in the case of new homes the decline moderates to 4.3%.

By housing regime,

free

ones accounted for more than 93% of all operations in November, a total of 43,654, which represents a year-on-year drop of 9.1%.

Subsidized

housing

, which does not reach 7% of total sales, totaled 3,234 transactions in November, 23.5% less than in the same month last year.

By autonomous community, the largest adjustments with respect to the previous year occurred in Extremadura (-34.5%), La Rioja (-28.3%) and the Community of Madrid (-25.7%).

Galicia (-22.9%) was also above the average fall;

Canary Islands (-18.9%);

Basque Country (-17.9%);

Balearic Islands (-16.9%);

Catalonia (-16.3%) and Andalusia (-15.4%).

The only regions in which increases in sales were recorded were Asturias (6.6%), Cantabria (5.1) and Castilla-La Mancha (2.6%).