The Central Bureau of Statistics has joined with the Ministry of Finance and Government Assessor, reporting a drop in home prices. The Home Prices Index fell by 0.2% in September 2011, compared with August - the first time the index has fallen since January 2009.
The Home Prices Index rose 0.6% in July, and rose by a cumulative 46% since January 2009.
Central Bureau of Statistics also reports that the average price of an apartment fell by 3.3% to NIS 1.08 million in the third quarter from NIS 1.17 million in the preceding quarter, reversing the 4.1% rise between the first quarter to the second quarter.
The average home price fell nationwide, except for negligible increases in Tel Aviv and Jerusalem. The average home price in Tel Aviv rose 0.6% to NIS 1.85 million in the third quarter from NIS 1.84 million in the preceding quarter, but 5.5% less than the NIS 1.96 million in the first quarter. The average home price in Jerusalem rose 0.5% to NIS 1.55 million in the third quarter from NIS 1.54 million in the preceding quarter.
Rents, however, rose by 2% in the third quarter over the preceding quarter.
Published by Globes [online], Israel business news - www.globes-online.com - on November 16, 2011
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