The purchase of homes closes the best July in 15 years under the fear of the crisis

Neither the rising inflation (in July it hit its ceiling to date at 10.8%) nor the energy crisis and the uncertain situation that both have generated. The sale of homes resists the onslaught and achieves its best July in fifteen years with a year-on-year increase in operations of 8% to 53,720 operations. Since 2007, the seventh month of the year has not registered such a level of activity, as confirmed on Wednesday by the data published by the National Institute of Statistics (INE).

With the data for July, the sale of homes chains 17 consecutive months of positive rates. However, the growth of operations has moderated by almost eleven points compared to the year-on-year rise in June, when they increased by 18.8%. July marked the beginning of the shift in the monetary policy of the European Central Bank (ECB), with the first increase in official interest rates in more than eleven years. The entity placed them at 0.5% (it would only be its first movement of this type, since in September it raised them again by 0.75 points to 1.25%, its highest level since 2011).

The greatest dynamism continued to be observed in second-hand properties. In fact, the interannual growth of home sales in July was exclusively the result of operations on used homes, which increased by 10.4%, to 44,691. On the contrary, the sale of new flats fell by 2.5% compared to July last yearup to 9,029 transactions.

Precisely, the cement employers published on Tuesday that the consumption of cement in Spain has chained four consecutive months of falls after those registered in July and August, which practically ends all the increase that accumulated in the year -that advance barely remains in the 0.2%-. This data is taken as an indicator of cooling of activity in the sector.

The largest monthly decline in July in the last five years

92.1% of the homes transferred by sale in the seventh month of the year were free homes and 7.9%, protected. The purchase and sale of free homes rose by 8.3% year-on-year in July, to 49,484 operations, while that of protected homes increased by 5%, adding a total of 4,236 operations.

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In monthly terms (July over June), the sale of homes decreased by 7.4%, its biggest drop in a month of July in the last five years. In the first seven months of the year, the sale of homes has increased by 20.8%, with increases of 23.7% in the case of second-hand homes and 9.1% in new homes.