Sharp rise in third quarter housing sales

The number of houses changing owner in the third quarter of this year was up 20% on 2012, according to new figures from the NVM estate agents’ association.

Quarter-on-quarter the increase is 10%, the NVM said.

Despite the positive signs, we should be aware of over-optimism, said NVM chairman Ger Hukker in a statement. ‘The main area of concern is houses that have been for sale for a long time. Very few of them are changing hands.’

Over half the estimated 225,000 houses on the market have been up for sale for over a year.

Prices

House prices are still declining, and were down 3.6% on a year ago. The average price paid for a home was €205,000. Quarter-on-quarter the drop was 0.6% and this shows the ‘steep decline’ is now over, the NVM said.

The organisation thinks house prices will fall 4% over 2013 as a whole.