BREAKING NEWS

CBS: Home sales dropped 18% in October

By GLOBES

NOVEMBER 28, 2011 09:31

Only 1,057 new homes were sold in October 2011, 18 percent fewer than in September, the Central Bureau of Statistics reported Sunday. Demand totaled 2,470 new homes in October. New home sales were down over 50% from the 2,260 sales in October 2010, although there were 18 business days in October this year, compared with 21 work days in October last year.

Association of Contractors and Builders president Nissim Bublil said, "Demand for apartments is very heavy, but deals are delayed because of false promises by decision-makers that prices will fall. This cheap talk by decision-makers about the housing and real estate market is creating confusion in the market and will result in prices continuing to rise in 2012."

The Central Bureau of Statistics added that home sales in the Tel Aviv and Jerusalem districts were stable in October, compared with September, but that sales in the Central District fell 33% to 495 homes from 741 homes. October sales in the Haifa District were halved to 75 homes in October. In contrast, home sales rose 54% in the Southern District and 34% in the Northern District.

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