Housing Market Stays Strong

Intelligent Economics > Analysis > Housing Market Stays Strong

There were a total of 1,079 housing units sold in Puerto Rico during the month of September 2021. Compared to the previous month of August, there were 13 fewer units sold, or a decrease of 11%. Compared to September 2020, there was a decrease in sales of 109 units, or 9.2%.

The total amount in dollars of housing units sold was $182 million. Compared to August, there was a decrease in sales of $35 million, or 16.3%. Compared to September 2020, there was a decrease in sales of $12 million, or 6.2%. The average price of a housing unit sold in September was $178,900. Compared to August, this was a decrease of 6%, while compared to September 2020, this was an increase of 3.2%.

Housing unit sales for the year to date have reached a total of 10,098. Compared to 2020, this is an increase of 3,305 units, or 48.7%. The average value of housing units sold has also increased, from $159,134 in 2020 to $178,900 in 2021, a 12.4% increase.

There were a total of 95 new housing units sold in September. Compared to August, this was a decrease of 4, or 4%. Compared to September 2020, this was a decrease of 28, or 22.8%. Since the beginning of the pandemic, new housing unit sales have remained consistently above the 2019 average. The average since June 2021 has been 93. This is an increase of 60%. The average value of new units sold has also increased considerably; going from $221,165 in 2019, to $236,784 in the current period, an increase of 7%. Sales for the year to date have reached a total of 784, an increase of 117 units, or 17.5%, compared to 2020.

There were a total of 984 used housing units sold in September. Compared to August, this was a decrease of 129 units, or 11.6%. Compared to September 2020, there were 81 fewer units sold, or a decrease of 7.6%. Since June 2020, the average amount sold each month has been 982, a 12% increase compared to 2019. Sales for the year to date have reached a total of 9,314, an increase of 3,188 units compared to 2020, or 52%.

The housing market in Puerto Rico has continued the growth it exhibited since the beginning of the pandemic. Unlike in many major metro areas in the United States however, this increase in sales has not translated to a large increase in the value of homes. Average sales prices in the US have risen by 30% since 2019. The increase seen in Puerto Rico has been more modest, just 15.8% in the same period.

Supply shortages within the construction industry as well as the current supply chain issues’ combined effect on world economic growth could lead to a decline in housing demand as we reach the end of the year.

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