Housing demand continues to soar

The housing inventory fell to 6.1 months of supply nationwide in October.

Israel's housing market continued to bubble in October 2010. Demand for new apartments rose 13.7% to 3,414 homes in October from 3,005 homes in September, the Central Bureau of Statistics reports. Demand in September was 5.3% lower than in August.

New home sales rose 41.9% to 2,250 in October from 1,588 in September. However, new homes built for the owners' own use, or by buyers groups, or for rent, fell 18% to 1,160.

The housing inventory continued to fall, reaching 6.1 months of supply nationwide in October, based on the month's rate of sales. 9,687 homes were available for sale nationwide at the end of October, down 5.5% from the inventory of 10,246 homes a month earlier. The breakdown of inventory by district showed a drop in all districts, with the exception of a 10% increase in the Central District and a 1% increase in the Jerusalem District.

Published by Globes [online], Israel business news - www.globes-online.com - on November 25, 2010

© Copyright of Globes Publisher Itonut (1983) Ltd. 2010

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