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Home Sales Soar Up 5.4% YOY in May

9/07/2014 – Expansion

According to the data on the Ownership Right Transmission Statistics made public by the National Insititute for Statistics (or INE), housing sales went up by 5.4% in May, compared with the same month in 2013, amounting to the total of 28.124 transactions.

The May year-on-year rebound marks the third consecutive month of rise, after March and April when the home purchase improved by over 22% and by 5%, respectively, bringing the decline observed over the previous 10 months to an end.

In monthly terms, the property purchase increased by 12.6%, the same figure registered in May 2013. However, during the first five months of the year, the number of transactions fell by 7.7%.

Around 90% of the purchased homes are free, while 10% are assigned as subsidized. Speaking of the state, 38.7% corresponds to the new, whereas 61.3% to the existing properties.

The data published by the INE takes into account the purchases registered during the months before the reference period.

The year-on-year upsurge is mostly due to a 16% rise in resales (17.253 transactions), scoring best since January 2013. On the other hand, year-on-year, the new house acquistion dipped down by 8% (10.871 transactions).

Real estate operations get into positive motion in 15 out of 17 regions and the two independent cities. Still, the decrease marks in red the statistics in Castille-La Mancha, Galicia, Madrid´s Community and Melilla.

The highest annual sales improvement was noted down in May in the Balearic Islands (+33.1%), Navarra (+32.9%) and Cantabria (+30.4%). In turn, Castille-La Mancha (–15.2%), Galicia (–6.0%) and Madrid (–5.5%) saw the most acute falls.

 

Original article: Expansión

Translation: AURA REE