Home sales values still down nearly 1% since last November, as dip continues to slow

Existing owner-occupied homes were sold off at an average value that was 0.9 percent lower compared to November 2022. On an annual basis, the sales price decrease recorded in November 2023 "was again smaller than a month earlier," said Statistics Netherlands on Friday. However, on a monthly basis, prices have been increasing since May, according to the organization's price index.

Homes were sold at an average price of 421,284 euros, according to land registry data. That sales price is the real value, whereas the index takes into account the quality of the homes. "It is therefore better to use the price index to determine price developments of existing owner-occupied homes," said Statistics Netherlands (CBS) on Friday.

The price index used by the CBS shows that owner-occupied homes were still being sold for 3.2 percent less on average compared to the housing market peak reached in July 2022. That peak led to declining prices for five straight months, followed by an uptick in January of this year.

That preceded another pricing decline for four more months, which turned around after May. Prices have since started to recover compared to the may low point, according to the price index.

"The prices of existing owner-occupied homes reached a low point in June 2013. There was then an upward trend until August 2022," the CBS explained. "Compared to the trough in June 2013, prices in November were almost 393 percent higher."

The Dutch land registry office also said that 15,248 home sales transactions were recorded in November, about 1 percent more than a year earlier. It brought this year's total up to 162,838, an increase of 5 percent compared to the previous year.