House hunters registered in the UK by NAEA agents rose 7% in May
Despite a drop of 0.6% over the last month, Spanish rent prices have increased by 1.2% in the last quarter overall.
US Pending home sales up 44% in May. The biggest monthly increase since records began in 2001.
Housing markets around the world seem to be rebounding after months of inactivity during the worst months of the Covid-19 crisis. Although it remains to be seen whether the longer term economic repercussions of lockdown will hamstring markets down the line, data sets coming from The UK, Spain and The USA today all speak to markets that are seeing stable or growing demand despite hardships.
In The UK, the largest body of agents reported sales to first time buyers increasing in proportion from 22% in February to 32% in May. The NAEA also saw the number of house hunters registered with its agents grow by 7% from pre-lockdown figures. Over the pond the market outlook “has significantly improved” according to the National Association of Realtors Chief Economist Lawrence Yun. Members of the association are reporting that pending home sales surged in May by 44% month on month, an increase that unsurprisingly constitutes the largest single month increase since 2001.
In Spain the picture is slightly less upbeat. Although rental prices over the course of Q2 have risen overall by 1.2%, from May to June they actually fell by 0.6% across the country with rents in Barcelona among the largest drops. Despite this, Idealista’s Head of Studies Fernando Encinar commented in a press release this morning that the drops being seen are “more moderate than we might expect”.