Prices of existing owner-occupied homes are no longer falling. In July, homes were on average 5.5 percent cheaper than one year previously, but compared to June there was a plus of 0.5 percent.
This is evident from figures from the Central Bureau of Statistics and the Land Registry. The year-on-year decline has been virtually the same for three months.
Prices of existing owner-occupied homes reached an all-time low in June 2013. Then there was an upward trend until August 2022. Then it turned around and prices seemed to be in free fall for a while, but prices have risen again in the past two months. Compared to the trough in June 2013, prices in July were more than 88 percent higher.
Notary
The figures from Statistics Netherlands and the Land Registry are two to three months behind the market data of the NVM brokers’ association. The NVM registers the sales price when the seller and buyer agree, but then it will take weeks before the financing is complete and the parties are at the civil-law notary.
The estate agents’ club also noted a ‘tipping point’ in the housing market in July. Houses are selling faster and at slightly higher prices. Rising wages and falling house prices since August last year have made housing slightly more affordable. Due to the shortage of housing, there is still a danger that house prices will skyrocket again.
Sold less
The tightness in the housing market is also evident from the numbers of houses sold. The Kadaster announced that it registered 14,925 housing transactions in July. That is more than nine percent less than a year earlier. In the first seven months, 99,862 homes were sold, more than seven percent less than in the same period of 2022.
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2023-08-21 22:01:29
#House #prices #falling
