MWCC has published the new Housing Market Indicator Table for November, a document that includes 50 key variables structured into two main blocks: general indicators —economy, finance and society— and specific indicators for the real estate sector —land and housing prices, mortgages, supply and demand, accessibility and construction activity—.

Among the main results, the evolution of the ISYRAV (Housing Purchase Sensibility and Risk Index) stands out. This indicator was developed by DS Ranking to measure the degree of effort made by households when purchasing a home. The index stands at 25.4 points, 5.5% higher than the previous quarter and 10.6% above the 2024 values, remaining at sensible levels, although with clear signs of tension in communities such as Madrid.

The ISYRAV uses a maximum threshold of 30 points as a reference, equivalent to the maximum recommended level of indebtedness of 30% of household income. Values below this indicate reasonable purchasing decisions; values above 30 indicate growing imbalances. The complete methodology is available at www.dsranking.com/vivienda.

An expanding market driven by demand and mortgage lending

The report's data confirm that the housing market in Spain continues to expand. Demand grew by 6.8% month-on-month and 10.7% year-on-year in September, reaching 2.5 million households actively searching for a home. Likewise, the number of sales increased by 3.4% month-on-month and 20.2% year-on-year, with new homes accounting for 20% of the total and registering an annual increase of 30.6%.

At the same time, mortgage lending grew significantly once again. After a one-off drop in August, September saw a 38.6% increase in the number of mortgages and a 40.2% increase in their value, reaching annual highs. The average amount stands at €167,828, 13.1% more than a year ago, with an average duration of 25.3 years.

However, the report warns of the growing number of mortgages granted for more than 80% of the value of the property, which now account for 11.7% of the total, 74.6% more than in 2024. The Bank of Spain has begun to consider setting limits to curb a possible spiral of risk.

Sustained price increases in an environment of growing pressure

According to data from Idealista and Fotocasa —pending updating by the INE— house prices continue to rise by more than 1% per month and between 15.7% and 18% year-on-year. In Madrid, after an adjustment in September, prices resumed their upward trend in October, reaching new all-time highs.

Despite this context of pressure, the ISYRAV indicates that the Spanish market continues to be reasonable. However, DS Ranking stresses the need to closely monitor housing affordability, especially in those regions where price increases exceed household income capacity.