The rapid rise in home prices resumed in June. Preliminary Central Bureau of Statistics figures show that home prices were provisionally 2.2% higher in June than in May, the fastest monthly rate of increase so far in 2010. Home prices rose 1.2% in May, compared with April.
The Index of Owner-Occupied Homes has risen continuously for 18 months. The last time the index rose at such a fast pace, was the 2.2% gain in November 2009, compared with October. The sharp in home prices in June came after two months of a slower pace in the rise in prices.
Despite repeated promises by Minister of Housing and Construction Ariel Atias, home prices are continuing to climb, at least according to the Central Bureau of Statistics. Ministry of Finance figures, looking from different angles, show a different picture.
The Index of Owner-Occupied Homes rose by 4.8% in the second quarter, it rose by 9.6% since the beginning of the year, and it rose 22% over the preceding 12 months. Real home prices have risen by at least 48% since mid-2007, when the current rise began.
Published by Globes [online], Israel business news - www.globes-online.com - on August 16, 2010
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