The Ministry of Finance reports that preliminary figures of home sales for the third quarter show the lowest number of sales since 2002.
The ministry also reported that 5,900 homes were sold in August 2011, the lowest figure since January 2009.
August home sales figures were 25% lower than in July and 32.5% lower than in August 2010. New home sales were 47% lower in August than in August 2010, and second-hand apartment sales were down 28%. Sales were down nationwide, with the exception of Tiberias.
Prices for new apartments were 1.3% lower in August than in July.
Home sales in the Central District were 68% lower in August 2011 than in August 2010, and sales in Tel Aviv were down 55%. Sales of apartments for investment were down 22% compared with July and down 40% compared with August 2010. Sales of apartments for investment accounted for 24% of all sales in August.
Published by Globes [online], Israel business news - www.globes-online.com - on October 9, 2011
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