Home Sales in Spain Fell by 10% in October

iStock_000009701970XSmallThe sale of homes in Spain fell by 10% in October over the same month in 2012, to a total of 22,770 transactions.

Registering the second lowest figure of the year, after the 22,100 transactions registered in March, and one of the lowest in the entire comparable series which began in 2007.

According to the latest data, published on Thursday by the National Institute of Statistics, the year-on-year decline in October is slightly greater than that experienced in September (-8.6%), and with it home sales have accumulated six consecutive months of declines.

In monthly terms (October over September), the sale of homes fell by 4.4%, a more pronounced rate than that experienced a year ago (-2.9%), but lower than in the months of October of 2009, 2010 and 2011.

In the accumulated figures for the current year (January to October), the sale of homes entered negative figures, falling by 0.8% over the same period in 2012, after remaining in positive territory up to September.

The year-on-year decline in home sales in October was due mainly to the drop in the sale of new homes, which fell by 17.6%, to a total of 10,071 transactions, while sales of previously owned homes fell by 2.9%, to 12,699 transactions.

Most of the home sales during the tenth month of the year, namely 90.7%, were free housing. The sale of this type of housing fell by 8% year-on-year to 20,643 transactions, while the number of transactions for protected homes totalled 2,127, down 25.4% compared with October 2012.

The largest number of house sales per 100,000 population in October, occurred in La Rioja (105) and Valencia (82). Andalusia remained in the lead for house sales in October, with 5,279 transactions, followed by Valencia (3,382), Catalonia (3,115) and Madrid (2,584).

The regions which registered the fewest house sales in October were La Rioja (271) and Navarra (318).

In relative terms, El Economista reported that the regions where home sales increased most year-on-year were Navarra (+42%), the Balearic Islands (+5.9%) and Andalusia (+0.3%), while the largest decreases were registered for Asturias (-36%), the Basque Country (-35.6%) and Castilla-La Mancha (-34.5%).

The total number of property transfers recorded in the land registries, from public deeds previously registered (urban and rural properties – including houses and other properties of an urban nature), reached 139,932 in October, which is a 6.4% increase over October 2012.

According to the Institute, the number of sales of rural properties rose by 5.2% in October year-on-year, while sales of urban properties (which include housing) fell by 10.9%.

In October, the total number of property transfers per 100,000 population was highest in Castilla-La Mancha (664) and Castilla y León (607). The regions with the highest annual growth were La Rioja (+29.2%) and Cantabria (+23.6%), while the most pronounced decreases were registered for the Canary Islands (-20.6%) and the Basque Country (-8.4%).