INE: House Sales Increase By A Further 14% In November

13 January 2015 – El Mundo

The housing market recorded its third consecutive monthly rise to take the cumulative annual increase to +1.1%.

Sales of existing homes monopolised the market, accounting for 69.2% of all transactions (25,200).

Purchases of existing homes soared by 41.6%, whilst purchases of new homes decreased by 20.6%.

The largest increases were in Navarra (48.2%), La Rioja (33.3%) and Asturias (30%).

The housing market appears poised for a comeback according to latest sales figures. Perhaps, the best sign yet of the real estate recovery. During the month of November, the number of house sales increased by 14%, according to the National Institute of Statistics (INE), with 25,200 transactions recorded.

This significant increase in activity is the third consecutive monthly rise. Furthermore, the increase reached double digits, in line with the previous two months (+13.7% in September and +16% in October). By contrast, in terms of the month-on-month trend, there were -4.8% fewer transactions in November than in October.

Following these recent positive year-on-year developments, the cumulative balance over the last year is generating “green numbers”. During the first 11 months of 2014, +1.1% more homes were transferred and acquired than during the same period in 2013.

The main driver behind this resurgence in sales is the market for existing homes, which accounted for 69.2% (17,433) of all transactions, representing a significant increase of 41.6%. By contrast, sales of new homes fell by 20.6% year-on-year, to reach 7,767.

On the other hand, 90% of the homes sold in November were unsubsidised (“libres”) (22,675) and 10% were subsidised (“protegidas”) (2,525). In annual terms, the number of unsubsidised homes sold increased by 11.8% and the number of subsidised homes sold rose by 38.7%.

Only Cantabria and Valencia recorded “red numbers”.

All of the autonomous communities recorded positive year-on-year variations in house sales, with the exception of Cantabria (-12.3%) and Valencia (-3.3%). The largest increases occurred in Navarra (48.2%), La Rioja (33.3%) and Asturias (30%). Other regions that recorded above average growth rates included Cataluña (+19.9%) and Madrid (+19,.2%), amongst others.

In terms of sales recorded per 100,000 inhabitants, Valencia, Andalucía and Navarra headed the ranking, with 91, 81 and 81 transactions, respectively.

Original article: El Mundo

Translation: Aura REE

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