A new statistic confirms that November was a bad month for the housing sales market, although less than what they predicted the data of the notaries known this week. According to the INE, based on data from the registries of all the provinces, 42,150 housing sales were registered in Spain last November. The figure is an interannual increase of 2.8%, a very low percentage if one takes into account that twelve months before the sales grew at a rate that almost reached 20% per year, but it is a progression after all.
The data released two days ago by the General Council of Notaries showed a slowdown of transactions in November, unknown in two years. Both statistics differ because they reflect different moments of the sale: the signature in the notary and the moment in which the operation is registered in a public registry. In any case, with or without annual decline, both show a market slowdown in the tenth month of the year.
With respect to October, the data provided by the INE show a fall of registered sales of homes of 3.2%. The monthly oscillations like this one are more frequent, but since 2015, with the path of the recovery of the real estate market already consolidated, November had always improved to the previous month. It is also necessary to take into account in this case that the tenth month of 2019 it was a record month.
That is one of the factors that helps explain the slowdown in November. Another could be the uncertainty generated by the Supreme Court for the payment of the mortgage tax. The controversy broke out in the last ten days of October, so its reflection in the registers will be seen in November, since operations normally take a few days to register. In any case, to confirm it, we will have to wait until the INE publishes its mortgage data for November, because for now other statistics show no trace that judicial chaos would affect the granting of loans.
Back to the data known this Friday, the INE indicates that of the total purchases of homes, 9.6% were flats or houses with some type of public protection. The figure is very low with respect to the remaining 90.4% of free sales, but the protected housing is the category that progresses most annually: 11.3% more than in November 2017. They also made a lot of progress, 7.9% interannual, the purchase and sale of new housing. Regarding the second hand, the flats and houses brand new represented almost a fifth of the total market.