New-home sales up 4% in May

The increase came despite the Bank of Israel’s efforts to cool the market by tightening mortgage terms, which came into effect at the beginning of the month.

By GUY KATSOVITCH
June 30, 2011 23:42
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house 521. (photo credit: Uriel Messa)

 
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New-home sales rose 4.3 percent to 1,683 in May from 1,614 in April, the Central Bureau of Statistics reported Thursday. The increase came despite the Bank of Israel’s efforts to cool the market by tightening mortgage terms, which came into effect at the beginning of the month.

Demand for new homes rose 6.4% to 3,162 in May from 2,971 in April.

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Demand for new homes in the January- May period was 5% higher than in the corresponding last year. New-home sales also rose 5% over the same period.

The housing inventory rose 1.3% to 11,626 units in May, from 11,472 units in April. However, the housing inventory in the central district fell 2% to 4,831 units in May from 4,943 units in April.

The housing inventory is sufficient for 7.8 months at the current pace of sales, up from 7.6 months in April.

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