the Home sales returned to negative territory in May Down 21.5% year-on-year, the strongest drop since September 2023, and a total of 44,013 operations, the lowest figure for this month since 2020, in the midst of the pandemic, according to data from the National Institute of Statistics (INE).
This decline contrasts with a 24% increase in sales in April, the biggest increase since May 2022, which also saw the highest number of transactions for the month since 2008, at 53,091. The increase was boosted by the impact of Easter, which fell in March this year rather than April like last year. With this new decline, home buying and selling is once again down 4.1% cumulatively for the year.
Since the beginning of the year, home purchases and sales have fallen 2.1% in January. In February, they rose 5.8% after 12 months of declines following higher interest rates. In March, they fell 19.3%; in April, they rose 24% and in May, they fell again, by 21.5%.
In May, used home sales were the most numerous on the market, accounting for more than 79% of transactions. However, they were the biggest decliners that month, down 23.2% from the same month in 2023, to a total of 34,908. New home transactions, on the other hand, fell 14.4% to 9,105 units. In both cases, this was the largest decline since September 2023.
At the housing system level, the pound added 40,611 transactions during May, representing more than 92% of the total, down 21.7% compared to 2023. In the case of protected housing, sales decreased by 9.1% year-on-year to 3,402 transactions.
Accumulated since 2024
With the double-digit adjustment in May, home purchases and sales again represent cumulative declines since the beginning of the year, down 4.1%. In the first five months, the largest decline was seen in used home sales, down 6%. Conversely, new home transactions rose 4% since January.
According to the housing system, the free accumulated decreased by 3.4%, and the protected by 13.4%.
Compared to the previous month of April, home purchases and sales in May were down 17.1%. Both used and new homes showed double-digit declines, down 17.8% and 14.5%, respectively.
Free housing transactions decreased by 17.8% on a monthly basis, and protected housing transactions decreased by 7.4%.
All societies are in a negative state.
In May, sales fell in all communities, with the most marked declines in Asturias (-25.8%), Andalusia (-25%), Catalonia (-24.5%), Galicia (-22.3%), Madrid (-22.1%) and the Valencian Community (-21.6%). For their part, the smallest declines occurred in the Basque Country (-3%), La Rioja (-8.6%) and Extremadura (-14.2%).
In May, 155,241 properties were registered in the land registry, 22.6% less than the same month a year earlier.
Real estate swaps decreased by 45.8%; inheritances by 24.3%; sales by 22.1% and donations by 14.7%. Other operations (payment terms, executions, court judgments, plot pools or horizontal divisions) decreased by 22.7% compared to May 2023.
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