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.

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