👎 No one's buying homes anymore!
The number of sales keep going down. It's like prices have gone crazy or something.
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Imagine the sound of air leaking from a balloon
Okay, we exaggerate.
People are still buying homes. Lots of homes. But the arrow is pointing 📉👇⤵️ in a way that suggests we've reached a turning point in the real estate market — the proverbial cambio de tendencia — from a time when there were a bazillion eager buyers for every home on the market to one where there are…fewer.
The proximate cause for this frightening diagnosis 😱? The number of home sales in May fell 7.6% compared to the same month a year ago, to 61,140. That's according to the Colegio de Registradores, the people who, you know, register property sales. And it's not a one-off: after years of booming sales (March 2025 sales were up 40.2% year-over-year), May marks the fifth monthly drop in a row. Andalucía was the only community to see a rise in May, of 4.3%.
Let's get into why:
