There were 9% fewer home sales in September 2011, compared with August, including a 24% drop in new home sales, and 8.7% drop in second-hand apartment sales, the Ministry of Finance reported today in its Red Lights monthly macroeconomic survey.
New home sales in September were down 49% in September, compared with the corresponding month, in Tel Aviv, and down 31% in the Central District. Second-hand apartment sales totaled 5,456 in September.
Fewer than 4,000 new home were sold during the third quarter, down 30% from the corresponding quarter and down 20% from the preceding quarter.
Prices for new homes were 1.2% lower in September than in August, with the sharpest falls in the Sharon and Jerusalem. The median home price was NIS 926,000 in September, 12% less than in September last year, and 1.2% lower than in August.
Purchases of apartments for investment were down 11% in September from the corresponding month of last year, and down 3% from August. The Ministry of Finance attributed the modest decline to a 28% increase in purchases of apartments for investment in Beersheva in September, compared with both August and September 2010. Purchases of apartments for investment accounted for 26% of all sales.
Published by Globes [online], Israel business news - www.globes-online.com - on November 15, 2011
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