Decline in Spanish home sales slows to 7.1% in April

Spanish house sales fell by 7.1% in April to 55,802 units compared with the previous year, according to government figures released on Wednesday by the National Statistics Institute (INE). The drop follows a decline of almost 40% in March, 24% in February and 27% in January.

The government data also showed that existing homes were hardest hit, with sales falling by 20.4%. On the other hand, the number of transactions involving new houses, representing just less than half of the transaction total, increased by 12.3% in April.

According to the new figures, the number of home mortgages issued also fell by 13.8% year-on-year in April to EUR 12.24bn, following a 42% drop the month before. In a statement, INE pointed out that the decline in the number of house transactions and new mortgages could also reflect the fact that Easter was in March this year and in April last year.