October Home Sales Hit Highest Levels Since May 2007
According to recent data released by the National Statistics Institute (INE), home sales in October surged by 513 compared to the same month in 2023, totaling 69,418 transactions. This marks the highest level of sales since May 2007, when the numbers exceeded 75,000. The increase in home sales is the most significant seen since August 2021, with four consecutive months of year-on-year increases: 19.0% in July, 9.4% in August, and 4.1% in September.
In October, the year-on-year rise in home sales was driven by a notable rebound in new home transactions, which rose by 8.3% to 16,224—a peak not recorded since February 2013. Used homes also saw substantial growth, with sales increasing by 4.3% to 53,194, marking the highest figures since the series began in 2007. Of the properties sold in October, 92.4% were free homes, while 7.6% were protected. The sale of free homes climbed by 5.0% year-on-year, reaching 64,145 transactions, while protected home sales increased by 6.0% to 5,273 transactions.
Month-on-month, home sales in October rose by an impressive 12.2% over September. For the first ten months of 2024, overall sales increased by 7.5%, with new home sales up by 18.9% and used homes by 4.8%.
When examining the data by region, Andalusia emerged as the leader in home sales, recording 13,549 transactions, followed closely by the Valencian Community with 10,984, Catalonia with 10,925, and Madrid with 8,290. Every autonomous community reported higher sales in October compared to the same month in 2023. The largest increases were seen in La Rioja (8.8%), Cantabria (8.1%), Asturias (6.9%), and the Basque Country (6.9%). In contrast, more modest increases were noted in Navarre (1.3%), Murcia (2.8%), and Extremadura (3.5%).
Additionally, the total number of properties transferred in property registers reached 231,209 in October, reflecting a 37.7% increase compared to October 2023. The number of properties sold was 479 higher year-on-year. Transfers via donation rose by 5.1%, while those by inheritance increased by 25.7%, and exchanges rose by 9.7%.
Urban properties constituted the bulk of transactions, with 87.7% falling under this category, while rural properties made up 12.3%. Notably, the sale of urban properties skyrocketed by 49.6% year-on-year, totaling 114,505 transactions, while rural property sales rose by 36.8% to 16,070 transactions.
Overall, the data indicates a robust recovery in the housing market, driven by both new and used home sales, marking a significant turn in the real estate landscape.
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