New home sales down 7% in 2016

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The Central Bureau of Statistics reported that the number of unsold homes held by contractors increased again in November.

2,123 new housing units were sold in November 2016, the Central Bureau of Statistics today reported in its survey of new home sales and housing demand. Sales were higher than in the 1,905 units sold in October, but Jewish High Holy days all fell in October this year, which reduced the number of deals. The number of new housing units sold in November was 8% fewer than the 2,305 sold in November 2015.

The number of new housing units sold in January-November 2016 was 7% less than the number sold during the corresponding period in 2015. These figures are consistent with a review published yesterday by the Ministry of Finance chief economist yesterday showing that the market had cooled off, with fewer deals for purchasing new and secondhand housing units in recent months.

The inventory of unsold housing units held by contractors is still rising, amounting to 31,150 new homes in various construction stages or which have not yet been sold. 27% of these are in the central region.

Published by Globes [online], Israel Business News - - on January 10, 2017

© Copyright of Globes Publisher Itonut (1983) Ltd. 2017

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