Housing prices in Israel have begun to fall the Central Bureau of Statistics has reported. Housing prices fell by 0.3% in July-August after rising by 1% in June-July and rising 0.4% in May-June. Housing prices have now risen by 2.3% over the past 12 months.
The fall in housing prices was led by the Tel Aviv region where housing prices fell by 1.2% in July-August, the steepest fall in the past two years. While it is too early to identify a trend, the fall in prices followed the sharp fall in the number of homes being sold, in all likelihood due to the ongoing Covid-19 pandemic. In Tel Aviv in July, the number of apartments sold was down 30% compared with July 2019.
During the first lockdown between March and mid-May housing prices fell 0.7% with prices recovering between mid-May and July.
Outside of Tel Aviv, housing prices fell a more moderate 0.4% in Haifa in July-August and fell 0.1% in the southern region, 0.7% in the central region, and 0.4% in the northern region.
Published by Globes, Israel business news - en.globes.co.il - on October 18, 2020
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