(photo credit: Uriel Messa)
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.
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
The housing inventory is sufficient for 7.8 months at the current
pace of sales, up from 7.6 months in April.