Fifth month of increased sales of housing in Spain
Home sales in Spain rose for the fifth consecutive month in May, according to data released Monday by the Institute of Statistics, a sign of market stabilization.
Housing sales rose 11.9% in May on a year to reach 37,787 units. In one month, the increase is 10.1%.
The Spanish housing market, which had been boosted by lower borrowing rates over the past decade, has collapsed since the start of the financial crisis, affecting the full brunt of the Spanish economy.
At the height of the housing boom, more than 80,000 homes were sold every month.After the bubble burst, this figure fell to touch a low of 29,178 in April 2009.
Despite the recent rebound, the experts polled by Reuters believe that prices will continue to decline in 2010 and during much of 2011.