The price of housing remained stable in the second quarter of the year, increasing in price by 3.6%, in line with the increase registered three months earlier, according to data published this Thursday by the National Institute of Statistics (INE).

Between April and June of this year, new housing was again the one that increased its price the most, 7.7% year-on-year, while used housing registered an increase of 2.9%.

With this new year-on-year increase, housing prices have risen for 37 quarters in a context marked by the rise in interest rates to stop inflation and the consequent rise in financing costs, which has slowed down sales and the granting of mortgages. .

2.1% more than the first quarter

In addition to the annual increase, house prices increased by 2.1% in the second quarter of the year compared to the previous quarter, the largest advance since the beginning of 2022..

By type of home, on that occasion the one that increased the most was second-hand, which did so by 2.2% compared to the period between January and March. Likewise, new home prices increased by 1.7% quarter-on-quarter.

This increase occurs after the price of housing became more expensive by 3.5% year-on-year in the first quarter of the year and that in 2022 as a whole it staged its biggest rise since 2007, chaining nine consecutive years on the rise, despite the quarterly drop of 0.8% at the end of the year.

Grows in all communities

Housing prices presented positive annual rates in the second quarter of the year in all autonomous communities. The largest increases occurred in the autonomous cities of Ceuta and Melilla with 6.2% and 6.1%, respectively.

Above the average, the increases in Navarra (5.6%) also stood out; Cantabria (4.7%); Andalusia and the Canary Islands, (4.5% in both cases), and the Community of Madrid (4.1%).

In the Valencian Community prices rose by 3.5%, while in the Balearic Islands and Catalonia they rose by 3.2%, respectively. For their part, Murcia (1.4%), Extremadura (1.8%) and Castilla-La Mancha (2%) recorded the lowest annual increases.

Compared to the previous quarter, there were also increases in all communities with Extremadura (3%), Castilla-La Mancha (2.9%) and Andalucía (2.7%) leading the way.

Little supply, much demand

As highlighted by the real estate portal Fotocasa, the increasingly significant imbalance between supply and demand for housing is pushing prices up and although there are many citizens waiting for a big price drop to take place, it is difficult for produce, since no significant adjustments are expected.

For its part, Clikalia agrees that the price of housing will continue to grow for the remainder of the year, as a result of this imbalance, if measures are not adopted to reduce it. In addition, he points out that the rise in interest rates is leaving potential buyers with low financial capacity out of the buying and selling market.