Resale home prices were down by 6.3% annually in the second quarter, which is the biggest drop in prices in the past five years, realtor ingatlan.com said in an analysis compiled with the Central Statistical Office (KSH).
The annual drop can be mostly attributed to trends from mid-March to the end of April when demand was down by an annual 10-40%, while advertisement numbers also fell by 10-30% because of spring lockdown measures to fight the coronavirus outbreak.
Ingatlan.com analyst László Balogh said sellers had to lower their prices in that period to finalize deals. Resale prices fell by 8% in Q2 compared to Q1 but compared to the price level in 2015 they were still up by 60%. While the price of resale homes was down, new home prices grew by 1.4% in Q2. Balogh said the housing market will be volatile in the coming months.
Fresh data from ingatlan.com shows that in the first three weeks of October, demand for resale homes was down an annual 19% and the number of available resale properties was 8% lower.