The growth was feeble, but signs that the market has found a floor are getting stronger.
There were 22,648 house sales in September (excluding social housing), up 3pc on the same time last year, and the second consecutive month of growth. That may not sound like much, but any good news for the market is welcome in these dark days.
You can see from the chart above that the market has found a floor at just over 20,000 home sales per month, which translates into 250,000 a year. Assuming there are 16 million households in Spain, that means just 1.5pc of households buy a new home each year. In the boom years it used to be 2.5pc to 3pc or more. Now people are either renting or staying put.
The good news that the market posted a small annual gain was tempered by the fact that it shrank by 9pc on a monthly basis. So clearly we are not out of the woods yet.
The following table summarise all the key data (click to enlarge).