The worst omens have been confirmed. decline in housing sales accelerated currently representing the state, especially during the month of September. Third consecutive decline This indicator according to data published this Friday by the National Institute of Statistics (INE). A directly linked decline interest rate increasesThis skyrocketed mortgage costs and forced a portion of the population out of the market. However, an increase inflationIt has also significantly reduced the disposable income of many families.
In total in September 3,745 houses throughout the province, 17.5% less compared to the same period last year. While this figure is still slightly better than the country as a whole, where the number of homes transferred fell by 23.7%, it shows that the situation has worsened significantly compared to previous months. In fact, it doubles the recorded rate of decline Augustwhere did it come from -8.1%, and practically at the same time Julyended with his fall -9.7%.
The data developed in this way Valencian Community Notary CollegeHE They expected a 15.6% decline in the full third quarterA clear contraction of operations carried out by foreign buyers It had resisted better so far.
Title deeds of houses by housing type New construction fell 6.7% It rose to 626 in September. For your part, second hand, representing almost 85% of the total, decreased to 19.3 percent With 3,917 transactions.
This market is where the majority of purchases and sales that respond to needs are concentrated. local demandIt has been the segment that has suffered the most from both interest rate increases and the rise in real estate prices in recent years. So, if there has already been a decline in the set of operations for three months, there have already been five months in which the volume of title deeds in used housing has not stopped falling.
Annual balance
With this latest data, the total figure for the year has already been determined. barely manages to stay positive. Like this 38,525 operations Those counted through September are representative only 0.87% more Compared to the same period in 2022, this suggests that if we continue on this path, the year will end in the red for the first time since the pandemic.
Despite this evolution, major real estate portals Idealist anyone photo houseNote that the comparison is made with last year’s data. It was one of the best exercises in history for the sector. For this reason, they think that 2023 can be considered a good year despite the autumn. An opinion I shared a few days ago Provincial Supporters Association (Provia)mentioned “normalization” of the marketFollowing a period of extraordinary growth caused by the pandemic and the arrival of thousands of Ukrainian refugees, as well as a significant number of citizens from other Eastern European countries seeking refuge from the escalation of war.
The General Council of the Official Colleges of Real Estate Brokers in Spain considers the housing market to be showing the following signs: Fatigue at this last stage of the year caused by inflation, political instability and legislative changes experienced by the market. Families delay making economic decisionsAccording to EFE, housing is included.