Central Bureau of Statistics figures show that the number of new housing units sold by contractors in Israel fell sharply in October. Today's figures report sales of 1,825 new housing units in October, compared with 2,146 in September 2016, a 15% decrease, and 2,328 in October 2015, a 21% drop.
It is important to keep in mind that the holidays of Rosh Hashanah, Yom Kippur, and Sukkot all fell in October this year, thereby reducing the number of working days in the month, which probably affected sales of new housing units.
On the other hand, a comparison with September 2015, in which the Jewish holidays fell, shows that sales that months nevertheless totaled a relatively high 2,344 new housing units. It is likely that the low number of sales in October 2016 was also affected by the general mood in the real estate market in recent months, in addition to the holidays.
New home sales in January-October were 8.7% less than in the corresponding period last year.
According to districts, the smallest number of new homes sold was in Jerusalem, where only 93 new homes were sold in October, the lowest number there in recent years. New housing sales were also down in the southern district, Tel Aviv, and the central district.
Central Bureau of Statistics figures also show a rise in the number of homes still for sale by contractors. The number of unsold housing units rose 4.6% over the preceding months to more than 30,000 in October. This figure refers to both housing units ready for sale and occupancy and projects in the initial construction or sales stages. The figures indicate that 27% of the supply of unsold homes was in the central district.
According to Central Bureau of Statistics housing purchasing figures, despite the difficulty experienced by organizers of buyers' groups for housing since the notorious Inbal Or affair , the figures show that in the first 10 months of 2016, buyers' groups began construction of 3,230 housing units, compared with 1,870 in the corresponding period last year.
Published by Globes [online], Israel business news - www.globes-online.com - on December 13, 2016
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