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House Sales Plummet by More Than 50% to Record their Worst Month of May Since 2007

House sales have decreased for three months in a row after falling by 18.6% in March and by 39.2% in April, as a result of the lockdown measures to curb the pandemic.

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House sales have fallen to unprecedented levels: in May, they decreased by 53.7% in relation to the same month in 2019, to 22,394 operations, their lowest figure in this month since the start of the series, in 2007, and the lowest figure recorded in any month since November 2013, as reported by the National Institute of Statistics (INE) on Monday.

With this decline, the most pronounced in the entire series, house sales recorded three months in a row of interannual decreases after falling by 18.6% in March and by 39.2% in April, due to the State of Emergency and the effect of the Covid-19 pandemic. This trend was already identified a few days ago by the notaries, who also pointed out that there has been a decrease in mortgages despite rising property prices, which the consequent impact on new build properties.

Read the full article in Spanish.

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