Spain’s housing market continued to freefall in June for the sixth month in a row. According to government figures, home sales fell by 29.6% compared to same month of 2007 to 47,511 transactions, suggesting that the Spanish real estate crisis has yet to bottom out.

Of the total sales registered in June, transactions in the unregulated segment of the market fell by a full 30%, while those involving subsidized housing units dropped by 24.9%.

Compared to May, sales of homes in June fell by 5.3%, with month-on-month new housing sales down 7.1% and second-hand home sales down 3.5%.

Mortgages also fall

The average value of mortgages taken out on residential property also fell for the fifth consecutive month, dropping by 4.6% from the June last year to stand at 141,939 euros, while the number mortgaged properties has fallen by 37.73%, to 69,239.

Savings banks issued the largest number of mortgages, 56% of the total, followed by banks, with 34.6% and other financial institutions, with 9.4%.