Spanish home sales totaled 106,273 in the third quarter of 2009, while this is 13.6% less than the same period last year, it does represent the smallest decline in a quarter since sales began plummeting in mid 2007.
Meanwhile, second-hand property has recovered by 11.5% as 52,299 homes were sold between July and September compared with only 46,901 during the same period in 2008, this is according to official data released by the Ministry of Housing.
The main cause of the overall decline is new housing, as its sales fell 29% in the third quarter. Comparing the cumulative sales so far this year, the drop equals 24.6% between January and September, with 330,914 sales compared to 439,045 in the same period in 2008. Looking at the same period for sales of second-hand homes, there was an effective fall of 15.2% between January and September (153,068).
Also of note was that 55.9% of all sales were concentrated on just four regions, Andalucia, Valencia, Cataluña and Madrid. Further confirming recent reports that the Spanish market cannot be simply taken as a whole and there are wide differences between Spain's autonomous regions.
The final quarter of 2009 will make interesting reading, and it is expected that further improvements will be demonstrated within the Spanish property market.
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