Spanish Home Sales Rose 1.6% in June, Ending Five Months of Decline
INE recorded 59,288 Spanish home sales in June 2026, up 1.6% on the year and the first annual rise in six months, with total property transfers up 7.0%.
Spain registered 59,288 home sales in June 2026, 1.6% more than in June 2025 and the first annual increase after five consecutive monthly declines, according to provisional figures the national statistics institute released on 7 August. Total registered property transfers of all kinds reached 206,138, up 7.0%. The rebound is real but narrow, and the cumulative first-half picture remains about 2.6% below last year — one good month does not reverse a soft half-year.
The growth is in new-build, not resale
New-build sales rose 6.3% year on year to 12,766, while second-hand transactions were essentially flat at 46,522, up 0.3%. Free-market housing gained 2.6% to 55,609; subsidised housing fell 11.8% to 3,679. In a country where the political conversation is dominated by housing shortage, a decline in protected-housing transactions alongside growth in new private supply is the more telling half of the release.
Regionally the spread is extreme. Navarra rose 22.6%, Castilla-La Mancha 22.2% and Asturias 10.4%. At the other end, Cantabria fell 21.5%, the Balearic Islands 11.7% and Galicia 7.7%. The Balearics matter disproportionately for international buyers, and a double-digit fall in a market that has absorbed years of foreign demand is worth watching rather than dismissing as monthly noise.
Volumes and prices are moving at different speeds
This is where the Spanish market gets interesting. Transactions are scraping out a 1.6% gain while prices are running far faster: Glopra's data shows Spanish prices up 12.8% in euro terms and 9.6% in dollars over the past twelve months, on an average of $2,331 per square metre and a 5.45% gross rental yield. After the 19% effective non-resident rental tax in our standardised case, that is roughly 4.4% net.
Prices climbing at double digits on flat volumes is the signature of a supply-constrained market rather than a demand boom. Buyers are not bidding more because there are more of them; they are bidding more because there is less to buy, and the June data shows the only segment adding meaningful volume is new construction.
Where the risk sits
Our bubble score for Spain is 61, at the bottom of the elevated band, but the national figure conceals a wide internal spread: Valencia scores 83, Madrid 76 and Barcelona 60. The cities carrying the most price momentum are also the ones carrying the most valuation risk, which is the usual arrangement and the reason national averages are a poor guide to a Spanish purchase decision. INE's June figures are provisional and revised monthly.
Sources: INE, Estadística de Transmisiones de Derechos de la Propiedad, June 2026 (7 Aug 2026) https://www.ine.es/dyngs/Prensa/ETDP0626.htm; idealista/news https://www.idealista.com/news/inmobiliario/vivienda/2026/08/07/909440-la-compraventa-de-viviendas-rompe-con-cinco-meses-de-caida-y-registra-su-mejor