Home sales are falling, the Central Bureau of Statistics reported today, belying talk in recent weeks about a recovery in new home purchases. 880 new homes were sold in January 2009, 21% fewer than the 1,108 homes sold in January 2008. 720 of the homes sold in January were under construction.
361 of homes sold in January were in the central district, 41% of total sales, and 186 were sold in the Tel Aviv district, 21% of total sales. Sales in the central district were down 32.9% compared with January 2008, and sales in the Tel Aviv district were down 34.6%.
Interestingly, even though the southern district was in a state of war - Operation Cast Lead in Gaza - until January 21, new home sales were barely changed compared with a year ago: 83 homes sold in January 2009, compared with 85 in January 2008. War had no effect on home sales, and the decline in sales in the south was far less than in most of the country.
New home sales in the northern district fell 45.7% to 25 in January 2008 from 46 in January 2008. However, new home sales in the Jerusalem district jumped 120% to 121 in January 2008 from 55 in January 2008.
Published by Globes [online], Israel business news - www.globes-online.com - on February 26, 2009
© Copyright of Globes Publisher Itonut (1983) Ltd. 2009