Home Sales in Spain Fell by 15.9% in November

propertyHome sales fell by 15.9% in November 2013, compared to the same month the previous year, with 21,847 transactions recorded in the property registers, and accumulated seven consecutive months of declines. In December the price of housing fell by 9.2%, year-on-year.

The statistics, published on Tuesday by the National Statistics Institute, places the November figure as the second lowest in the comparable time series which began in 2007.

Considering only the monthly data (November 2013 over October), housing sales fell by 4.1%, the biggest drop in this month since 2009. In the cumulative figures for the first eleven months of 2013, home sales remain negative after being in positive territory until September, with a fall of 2.1% over the same period in 2012.

The year-on-year decline in the sale of homes in November was due mainly to the decline in the sale of new homes, which fell by 22.1%, to an annual minimum of 9,823 transactions, while sales of previously owned homes fell by 10%, to 12,024 transactions.

Most of the housing transactions during November, namely 91.9%, were for private housing. Sales of this type of housing declined by 13.6%, to 20,070 transactions, while the number of transactions on protected homes totalled 1,777, down 35.1% compared with November 2012.

In November last year, the highest number of home sales per 100,000 inhabitants was registered in Valencia (89). Andalusia remained at the head of house sales in November, with 4,360 transactions, followed by Valencia (3,651), Catalonia (3,189) and Madrid (2,477).

The regions which registered the fewest house sales in November 2013 were La Rioja (114), Cantabria (234) and Navarra (272).

In relative terms, El Economista reported that the only regions where the sale of homes increased year-on-year were the Canary Islands (+13.5%) and Navarra (+9.7%), while the largest decreases registered were for La Rioja (-66.6%), Cantabria (-55%) and Asturias (-37.1%).

The total number of property transfers (urban and rural properties) carried out in November reached 130,787, which is 3.2% less than in November 2012.

According to the National Statistics Institute, the number of sales of rural properties rose by 2.9% in November, year-on-year, while transactions on urban properties (which includes housing) fell by 9.7%.

The total number of property transfers in November per 100,000 inhabitants was highest in Castilla y León (568), Aragon (537) and Castilla-La Mancha (520). The regions with the highest annual growth were Catalonia (+24.3%) and Navarra (+16.1%), while the most pronounced decreases were registered for La Rioja (-44.1%) and Cantabria (-32.8%).