Home prices fall for first time in 30 months

Average price of a four-room apartment in the 16 cities covered by the government assessor’s survey was 1.2 percent less in the third quarter than in the preceding quarter.

By EINAT PAZ-FRANKEL
November 13, 2011 23:47
1 minute read.
House hunting 521

House hunting 521. (photo credit: Courtesy of Hitorerut)

 
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Home prices fell in the third quarter of 2011 for the first time in 30 months, the government assessor reported Sunday.

The average price of a four-room apartment in the 16 cities covered by the government assessor’s survey was 1.2 percent less in the third quarter than in the preceding quarter. It was 6.8% higher than in the third quarter last year.

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Tel Aviv had the biggest drop in the average price of a four-room apartment in the third quarter compared with the preceding quarter – down 6% to NIS 2.39 million. The second-most expensive city was Herzliya, where the average price of a four-room apartment fell 2% to NIS 1.74m. The third-most expensive city was Jerusalem, where the average price of a four-room apartment rose 2% over the preceding quarter to NIS 1.7m.

The average price of a four-room apartment fell 4% in Bat Yam to NIS 1.44m. and in Beersheba to NIS 726,000. The average price of a fourroom apartment fell 3% in both Holon and Modi’in to NIS 1.39m., 2% in Petah Tikva to NIS 1.34m. and 1% in Rishon Lezion to NIS 1.39m.

The average price of a four-room apartment was unchanged in Kfar Saba at NIS 1.53m., in Netanya at NIS 1.23m.

and in Rehovot at NIS 1.26m. The average price of a four-room apartment rose 1%-2% in Ashdod to NIS 1.14m., Ashkelon to NIS 823,000 and in Haifa to NSI 1.17m.

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