Home sales in Puerto Rico to decline 4% in 2023 – Noticel – The truth – Puerto Rico News – Noticel

The biggest decline was in sales of newly constructed homes, which fell 17.6% compared to the previous year.


Total sales were 10,479 units, down 436 from 10,915 in 2022.

Photo: Josiane E. Bruno Gomez/Noticell

The number of homes sold in Puerto Rico during the last calendar year 2023 decreased by 4.0% from the previous year, with 2021 sales already registering a decline.

According to data presented by the Office of the Commissioner of Financial Institutions (OCIF), total sales stood at 10,479 units, down 436 from 10,915 in 2022.

RELATED STORY: Housing market downturn to continue in Puerto Rico

The biggest decline was in sales of newly constructed homes, which fell 17.6% compared to the previous year. Their total number is 785, which is 168 less than those sold in 2022.

On the other hand, the bulk of sales took place in the existing housing sector, which totaled 9,694 units in 2023. However, this figure is 2.7% less than the previous year. In this case the reduction was the sale of 268 homes.

According to OCIF estimates, the value of these sales in 2023 was $2,026.2 million, which represents an increase of about $2.0 million, or 0.1%, in contrast to the pattern of decline in homes sold, thus increasing the average cost. The proof is of units.

The largest increase was in newly constructed homes, estimated at $245.4 million, representing a 1.1% increase over 2022 despite a 17.6% decline in sales.

Finally, the estimated value of existing homes was $1,780.8 million, a slight decrease of $586,114 from the previous year through 2022.

According to these figures, reclamation also took place during 2023 for a total of 1,480 housing units, an increase of 32 or 2.2% compared to the previous year.

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