Slowing Home Sale Market in Hungary

The number of days it took homes in Hungary to sell after they were listed averaged 95 days in January-April, up from 84 days in the same period a year earlier, real estate broker Duna House said on Tuesday.

This turn is also indicated by longer sales cycles and a shift in market conditions that favors buyers.

In Budapest, the days on market indicator climbed to 75 days from 45 days for flats and to 112 days from 106 days for detached homes. In county seats and cities with county status, the indicator rose to 75 days from 65-66 days for flats and to 123 days from 117 days for detached homes.

In smaller towns and villages, however, the picture is different: in towns, the time it takes to sell a home fell from 95 days to 82 days, while in villages, it decreased from 108 days to 101 days.

Ingatlan.com analyst László Balogh said higher prices were mitigating demand in bigger cities, but the Home Start subsidized credit scheme for first-time home buyers was still driving demand in smaller settlements, where real estate is cheaper.