'Sales of new homes down 18% in June'

Central Bureau of Statistics: Housing demand fell 27% in June, and supply was up.

Netanya apartment 311 (photo credit: Avi Sasa )
Netanya apartment 311
(photo credit: Avi Sasa )
There were 1,441 new home sales in June 2011, 18 percent fewer than in May, and 18.6% fewer than in June 2010, the Central Bureau of Statistics reported on Sunday. This was the lowest number of sales since January 2009.
Demand for new homes totaled 2,427 homes in June, 27% less than in May and 31% less than in June last year. This was the lowest level since October 2008.
Supply of new homes rose for the fourth consecutive month to 11,929 homes in June from 11,726 in May, an increase of 1.7%. This was the highest level since September 2007. Housing inventory, at the current sales pace, is sufficient for eight months, up from 7.8 months in May.