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  • Saul H. Bazaz

Israeli Ministry of Finance claims that housing sales declined


A survey conducted by the Ministry of Finance shows that about 8,300 housing units were sold in August. According to the survey, this was "one of the lowest figures for August in the past decade." The Ministry of Finance is calling the state of the residential real estate sector "stagnation" that began in early 2017.

The survey figures also show a 17% drop in sales of new homes, excluding homes in the fixed price plan. The proportion of purchases by investors continues to be low, and the downtrend in home purchases by people seeking better housing is also picking up steam.

The Chief Economist reported that contractors had sold a mere 2,400 new housing units in August, 4% fewer than in July and 18% fewer than in August 2016. At the same time, excluding homes sold in the framework of the fixed price plan during this period, 2,100 new homes were sold, 7% more than in the preceding month, but 17% fewer than in August 2016.

The Ministry of Finance states that "Since April 2017, the average price in new housing transactions has been on a downtrend (due at least partially to a change in the mix of the transactions)". In any case, as we know, surveys results are good for the day they were taken and can be changed.

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