The residential real estate market continues to cool even as housing inventory continues to drop. The Central Bureau of Statistics today reported that demand for new apartments fell for the second consecutive month in October. The report comes one week after the Ministry of Housing and Construction reported a drop in apartment purchases last month.
Demand for new apartments totaled 2,490 in October, 13.9% less than in September. Over the two months September andOctober, demand fell 24.7%.
Apartment prices rose by 1.5% in September, by 13.7% in the preceding 12 months, and by 29% in 2007.
The Central Bureau of Statistics reports that demand for apartments was 9% higher in January-October compared with the corresponding months of 2008. Most of the growth occurred in early 2009.
Published by Globes [online], Israel business news - www.globes-online.com - on November 26, 2009
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