Spanish home sales are still strong, but the rate of growth is cooling down after the post-pandemic bounce, as was to be expected.
There were 69,015 homes sold in July as witnessed by Spanish notaries, an increase of 3% on the same month last year, according to the latest figures from the notaries’ association.
The chart above shows monthly sales in dark columns (left axis) and the year-on-year change under the green area line (right axis). The chart illustrates the strong recovery in sales after the pandemic giving way to the moderate growth of the last few months.
If you look at the 12-month rolling sales total going back to 2008 in the next chart, you can clearly see how the boom in sales that kicked off once the worst of the pandemic was put behind us has been cooling down in the last few months. This was inevitable, and does not mean the market is heading towards a slump.
By region, sales increased the most in the Canaries (+23%), followed by the Valencian region (+9%), Catalonia and Murcia (+4%) and the Balearics (1%). Sales in the Spanish capital Madrid were down 3% compared to last year.