Spain | Home sales did not pick up in the final stretch of 2019

Summary

The real estate market has not yet recovered the tone it had before the last regulatory reforms. Thus, despite the relatively positive determinants of demand, home sales fell in November, which did not prevent a slight rise in mortgages. Supply-side variables show weakness

Key points

• Key points:
• Home sales dropped 1.1% m/m CVEC in November, slightly less than the previous month
• Despite the drop in sales, new home purchase loans increased in November
• In recent months, sales of homes subject to mortgage financing increased while those purchased without such financing decreased
• The signing of new building permits stagnates in October after the growth in September. In addition, indicators relating to residential supply showed some weakness in the last months of 2019
• The land market did not consolidate in November the positive evolution of the previous month

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