Home News Housing purchases are down, but price levels still unclear

Housing purchases are down, but price levels still unclear

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Israeli home-buying activity has declined for the third straight month, according to a report released Tuesday by the Ministry of Finance’s Chief Economist Office.

Detailed reports do not provide insight into one of the most pressing questions for potential buyers. Will pricing be affected? — But we are affiliated with the Central Bureau of Statistics (CBS) Survey on consumer confidenceWas also released this week. This suggests that people are less confident about large household purchases over the next year.

CBS will release monthly home price figures in the coming days.

According to the latest report from the Ministry of Finance, home sales in the free market in May were 10,500 units, down 16% from the previous year.

These include apartments sold as part of the Israeli discount home lottery, Mehir Matara (target price) and its predecessor Mehir Lamishtaken (buyer price). Units purchased under the latter program accounted for 849 properties in May. The Mehir Matara program is running. Second lottery With an additional 5,500 units, it will end on July 17th. The first lottery was held by lottery. Over 100,000 people To compete to buy an apartment to be built, 10,053 lucky winners..

The number of first-time non-lottery buyers was 4,200, a decrease of only 5% compared to last year. According to the report, first-time buyers are heading to the surrounding areas of the country.

Treasury data also suggests that the housing market is no longer attractive to investors. According to the report, investors bought 1,900 apartments in May (down 26% year-on-year), sold 2,300 units and reduced market share to 18.5%, 2.4 overall compared to May 2021. %Diminished.

Data show that key areas of reduced investor interest include Rehovot and Tel Aviv.

New home sales by developers Has fallen Since February, it has decreased by 16% in May last year.

A similar decline was seen in the sale of “pre-owned” apartments, down to 6,700 units, with the largest declines in Center and Netania (although both are still significant markets).

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