The number of Spanish properties sold in July fell by an annualised 26%, to 46,467, according to the latest figures from Spain’s National Institute of Statistics (INE). Based on figures from the same source, sales fell by 30% in June, and 34% in May, suggesting that the rate of decline in sales is starting to slow.

The Ministry of Housing recently released figures showing year on year sales declining by 32% in the second quarter, broadly in line with the trend seen in the INE’s figures. Both sources show that Spanish property sales are down by more than a quarter compared to last year.

Unlike house price figures, housing market transaction figures are reasonably reliable in Spain.

The INE’s figures also show that almost 60% of sales take place in just 4 of Spain’s autonomous regions: Andalucia, Madrid, Valencia, and Catalonia.