Notaries: home sales and mortgages fall more than 8% in November
Both the transactions and the signing of new loans accentuate their year-on-year fall compared to October. Sales only grow in Extremadura and Castilla y León
The brake on the real estate market continued last November. According to the data from notaries, both the sale of homes and the mortgage firm registered in the red and extended the year-on-year falls registered in October.
Specifically, in the year’s eleventh month, 58,942 home transactions were carried out in Spain as a whole, 8.2% less year-on-year, and after falling by 5.9% in the previous month, and 28,391 new loans for home purchase were signed, 8.5% less. In both cases, the decrease has been widespread in the entire country.
A general drop in sales
Notarial statistics show a setback in both flats and villas operations. Specifically, sales of flats decreased by 7.5% year-on-year, reaching 44,796 units, while single-family homes decreased by 10.4%, reaching 14,146 transactions.
Only two autonomies have escaped the general drop in sales in November: Extremadura (1.5%), and Castilla y León (1.3%). Already negative, but with a drop, less than the national average, are the Valencian Community (-1.8%), the Basque Country (-4.4%), Andalusia (-5.4%), Catalonia (-6.3% ) and the Canary Islands (-6.9%).
On the other side of the table, and leading the year-on-year decreases, are Navarra (-37.4%), La Rioja (-30.4%), Cantabria (-22.9%), Asturias (-16.9%) , the Balearic Islands (-16.7%) and Castilla-La Mancha (‑15.5%). In Madrid (-13.8%), Murcia (-13.4%), Galicia (-12%) and Aragón (-8.5%) there was a somewhat more moderate decrease.
Mortgages only grow in the Valencian Community
In the case of new mortgages, the scenario is not much better. Only the Valencian Community has registered a year-on-year increase in the number of operations (0.8%), while a battery of communities led double-digit decreases: Navarra (-28.3%), Murcia (-24.1%), La Rioja (-18.6%), Asturias (-17.2%), Castilla-La Mancha (-14.8%), Galicia (-14.1%), Canary Islands (-13.8%), Aragon (-11.9%) and Madrid (-11.8%). In six Autonomous Communities, the falls were more moderate than the national average: País Vasco (-7.7%), Cataluña (-6.9%), Andalucía (-4.7%), Castilla y León (‑4.2% ), the Balearic Islands (-0.8%) and Cantabria (-0.6%).
The disparity in the average amount of mortgages
With regard to the average amount of the loans, the notaries reveal a slight growth: in November, it stood at 147,833 euros, with an increase of 0.1% . Although the evolution was uneven: it grew in eight autonomies and decreased in the remaining nine. Above all, the increases in Aragón (21.8%) and La Rioja (17.6%) and the decreases in Navarra (-11.5%) and the Canary Islands (-7.2%) stood out.
Another piece of information provided by notarial statistics is that the percentage of home purchases financed using a mortgage loan stood at 48.2%. In addition, in this type of purchase with financing, the amount of these loans represented an average of 71.8% of the price.
Median home price rises
With regard to the price of homes sold, there was another rise in November. The average price stood at 1,570 euros/m2 after growing by 1.2% year-on-year.