Thursday, December 3, 2020
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Housing Sales Recover: Up by 20% in September, According to the INE

Despite the month-on-month improvement, the volume of real estate sales has fallen for seven consecutive months due to the pandemic.

Homes sales fell again in September, according to data provided by the National Statistics Institute (INE). The pace of the decline also fell, however, with a 1.1% drop compared to a year earlier. Nevertheless, the new construction market is growing more dynamic; the volume of sales of new homes rose by 29.2% month-on-month.

The surprise in the data stems from the inter-monthly rate; residential real estate transactions rose by 20.5% m-o-m in September, as sales recovered strongly from their usual summer-end lull.

In any case, housing transactions have already accumulated a 22.1% drop so far this year, led by seven consecutive months of decline, as a result of the Covid-19 pandemic.

Read the full article in Spanish

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