Home sales increased by 11.9% in August despite skyrocketing prices




The sale of homes increased 11.9% in the interannual rate during the month of August, up to 38,154 units, while the average price per square meter stood at 1,396 euros, with a rebound of 7.9% compared to the same month of 2020, according to data from the General Council of Notaries released this Thursday.

By type of home, sales of flats increased 13.8% year-on-year, reaching 27,599 transactions, while single-family transactions rose 7.1% in relation to August last year, reaching 10,553 units.

For their part, the prices of flats fell by 2.6% compared to August 2020, reaching 1,552 euros per square meter, while the price of single-family homes averaged 1,171 euros per square meter, with a 18.3% increase.

According to the notaries, home sales grew in 13 autonomous communities in August and fell in four. The largest increase was recorded by the Balearic Islands, with a year-on-year rise of 37.8%, while the largest drop occurred in the Basque Country, with a decrease of 13.5%.

The regions where an evolution above the national average was registered were Asturias (+ 6%), Galicia (+ 5.8%), Castilla-La Mancha (+ 5.5%), Aragón (+ 4.4%) and Extremadura (+ 1.7%).

Likewise, the price per square meter rose by 7.9% year-on-year, although showing a certain inter-territorial disparity, since it increased in 14 communities and fell in Aragon (-6.4%), Extremadura (-2%) and Murcia ( -0.8%).

On the other hand, the highest increases, in double digits, corresponded to La Rioja (+ 37.9%), the Balearic Islands (+ 17.3%), the Basque Country (+ 16.4%), Andalusia (+ 16%), the Canary Islands (+ 11.3%), Galicia (+ 10.7%) and Madrid (+ 10.3%).

Mortgages go up

In August, mortgage loans for home purchase grew by 11.8% year-on-year at the national level, to 20,187 operations. The average amount of these loans decreased by 1.6% year-on-year, reaching 132,940 euros.

The percentage of home purchases financed by a mortgage loan stood at 52.9%. In addition, in this type of purchases with financing, the amount of the loan was on average 74.2% of the price.

By region, mortgage loans for home purchase grew in 13 autonomous regions and fell in the Basque Country (-16.6%), La Rioja (-13.6%), Navarra (-6.7%) and Madrid (- 2.9%).

The largest increases, on the other hand, were recorded in the Balearic Islands (+ 48.6%), the Canary Islands (+ 33.1%), the Valencian Community (+ 27%), Murcia (+ 19.5%), Catalonia (+18, 5%) and Galicia (+ 16.3%).

Regarding the average amount of mortgage loans for house purchase, notaries appreciate a mixed evolution at the regional level.

Thus, increases were registered in nine autonomous communities, highlighting the Balearic Islands (+ 53.9%) and Murcia (+ 11.5%), and decreases in eight, mainly in Navarra (-26.2%) and Cantabria (-11, 1%).

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