Purchase and sale operations on new homes increased by 10.7% in June of this year compared to the same month in 2022, according to data published today by the National Institute of Statistics (INE). For their part, those of second-hand properties fell by 9.7%. The latter represent eight out of ten of the total, so that, in absolute figures, the market suffered a decline of 6.4% in year-on-year terms, thus accumulating a decline for the fifth consecutive month.
It is not a worrying situation for the sector. On the contrary, the experts speak of stabilization of the market. There were 53,999 home sales operations registered in June, a drop of 3.8% compared to May, when home sales stood at 56,137 transactions.
In June, in fact, second-hand sales, 80.6%, fell back from the aforementioned 9.7% year-on-year, to 43,532 transactions. The new one, for its part, grew to 10,467 operations. In this way, while used housing transactions accumulate five months down, those of new housing register another rise after May, explains the INE. Unlike the previous month, when they experienced strong month-on-month growth, both were below their marks for May, 4.3% in the case of second-hand housing, and 1.8% in that of new ones. So far in 2023, used home sales accumulate a fall of 5.4% that drops to 0.3% in the new one.
In addition, 92.3% of the homes transferred by sale in June were free, a total of 49,852 units, 6.2% less than on the same dates in 2022. 7.7%, for their part, were protected , with 4,147, 8.7% less. Compared to the previous month, both free and subsidized housing fell by 4% and 1.2%, respectively.
At the territorial level, the sale of registered homes fell in fourteen autonomous communities, always in year-on-year comparison, with the greatest decreases being those of La Rioja (20.5% less); Cantabria (18.8% less) and Extremadura (15.8% less). In Catalonia there were 8,187 operations (5.8% less). On the contrary, transactions grew in three communities: Navarra (5.1%); Asturias (1.9%) and the Valencian Community (1.1%).
The director of Pisos.com Studies, Ferran Font, points out that “with the passing of the months, the cooling of the sector is more than evident”. “The moderation that the market is experiencing affects above all the second hand”, he adds. “These data are not surprising, as they confirm the forecasts we had at the beginning of the year, with a clear cooling and downward trend in the real estate sector. We must be attentive to inflation and the situation of the Euribor to analyze the evolution in the second half of the year, when a slight change in trend should begin to be noticed ”, he concludes.
From Idealista, for their part, they affirm that “home buyers have not withdrawn and continue to bet on the real estate market.” According to its spokesman, Beñat del Coso, one cannot speak of the “announced crisis” because demand remains strong even taking into account the “frequent” rate hikes undertaken by the European Central Bank (ECB). What’s more, he adds, in the last twelve months more than 634,000 homes were sold, 1% more, and the offer for sale continues to decline, which confirms that the impact of the interest rate rise “has been very limited” as there is a “very relevant” bag of demand with lower financial needs.
Fotocasa, through its Director of Studies, María Matos, assures that “after two very intense years and with very positive figures for the sector, a time of normality and stabilization begins.” For Matos, the “fair” thing would be to compare the 2023 records with those of 2019, before the pandemic. If so, sales in June would present a 30% increase, while accumulated operations, 315,783 in the semester, would be 1% above the levels of the same period prior to the covid.
