The lowest level of quarterly sales since the crisis began, according to figures from the property register.
There were 84,852 homes sold in Spain between July and September, 31.9pc less than the same period last year and 9.3pc less than the previous quarter. It was the lowest quarterly level of sales since the data series began, as illustrated by the chart above (total sales in blue, new build in red, resales in yellow).
I am of the opinion that this is about as low as the market will go in volume terms. Q4 may well be another record low, but after that I expect the market to bottom out in the course of 2012. Which is not to say there will be a strong recovery after that – far from it. But at least the market will have stopped shrinking.
Of course, I could be wrong, especially if the credit crunch gets worse. Mortgage financing is the key to any market recovery.