January brought a notable uptick in housing transactions, climbing 6.6 percent year over year. In total, 56,372 properties changed hands, marking the strongest January figure since 2008 when sales exceeded 61,800. This data comes from the National Institute of Statistics (INE) and was released on Tuesday, underscoring a broader rebound in the national market.
The rebound carried through December 2022 as well, when home sales shifted back into positive territory after a 10.2 percent decline, snapping a 21-month streak of year over year increases. That wraparound period helped establish momentum that carried into the new year and supported stronger activity across multiple segments of the market.
Analysts identified two main drivers of January’s gains: growth in the market for existing homes and a parallel rise in new home sales. The strengthened activity in both segments points to renewed buyer confidence and sustained demand across the housing spectrum.
Looking at the breakdown, sales of existing homes reached 45,501 units in January, up 6.2 percent from the year before. Transactions for new flats also rose, increasing by 8 percent to reach 10,871 units. The mix of demand suggests buyers remained active across a range of housing options rather than shifting toward a single niche.
Regarding affordability and ownership structures, 91.7 percent of January home transfers were free housing, while 8.3 percent involved subsidized units. Separately, the market for detached homes advanced by 6.3 percent year over year, totaling 51,719 transactions, while subsidized housing sales grew more sharply, rising 9.7 percent to 4,653 transactions. These figures illustrate a diversified market with gains across both private and public-assisted segments.
From January 2023 to December 2022, monthly housing sales data show a substantial 30 percent increase, reflecting the strongest January performance since 2020 when sales climbed 35 percent. This spike signals a robust year-over-year comparison and hints at renewed liquidity in the housing market, aided by favorable financing conditions and steady demand from buyers. The trend aligns with broader macro indicators suggesting a healthier housing market entering the new calendar year.