Puerto Rico’s property market remains depressed, amidst continued economic woes
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Demand continues to fall, amidst continued economic woes, massive debt, and population loss. During the year to end-Q1 2017, the seasonally-adjusted purchase-only house price index fell by 5.01% (6.96% inflation-adjusted), compared to a y-o-y decline of 6.25% a year earlier, according to the Federal Housing Finance Agency (FHFA). On a quarterly basis, house prices dropped 1.03% (-1.62% inflation-adjusted) in Q1 2017.
In April 2017, the total number of houses sold in Puerto Rico fell by 4.6% to 893 units from the same period last year, according to the Puerto Rico Planning Board. Sales of newly-built housing units fell 28%.
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