Housing sales in Israel remain sluggish

In the third quarter of 2024, 24,350 homes were sold in Israel, an increase of 31.3% over the third quarter of 2023, according to Central Bureau of Statistics reports. In September 2024, 7,900 homes were sold, up 46% from September of last year, but the rise is misleading because last year’s holidays fell mainly in September while this year they were all in October. After adjusting for these differences, home sales rose 25% in the third quarter compared to a year ago.

Even with the rise in the third quarter, home sales are still well below average. In an average month in recent years, 9,200 homes have been sold in Israel. In 2023, the market reached its lowest point in several years with 5,600 homes sold per month, while the monthly average in the first nine months of 2024 rose to 8,000 homes. Although home sales are up this year, they are still 15% below average.

In the third quarter of 2024, 10,760 new homes and 13,590 used homes were sold. 21% of new homes sold were under government-supported programs.

In terms of geographical division, 5,640 housing transactions were completed in the center area in the third quarter of 2024, 5,390 in the southern area, 3,820 in the Tel Aviv area, 3,670 in the Haifa area, 2,680 in the northern area, and 2 520 in the Jerusalem area.

The city with the highest number of housing deals in the third quarter was Jerusalem, where 1,834 homes were sold – 911 new apartments and 923 used apartments. In second place was Tel Aviv with 1,226 deals, including 746 new homes, and in third place was Haifa, with 1,204 deals, including 350 new homes. Beersheba came in fourth place with 1,021 deals, including 221 new homes.

There were 70,000 unsold homes at the end of the third quarter, an increase of 15% from the end of the third quarter in 2023. 12.5% ​​of the unsold homes were located in Tel Aviv, 9% in Jerusalem, and 5% each in Bat Yam. And Netanya.

Published by Globes, Israel Business News – en.globes.co.il – on November 14, 2024.

© Copyright Globes Publisher Itonut (1983) Ltd., 2024.