Friday, October 7, 2022

New home purchase stats indicate buying frenzy may be abating

Are we seeing the primary indicators of the wave of recent home purchases subsiding? Figures from the Central Bureau of Statistics on new home purchases launched in the present day present a decline within the variety of transactions for the fourth successive month. Furthermore, for the primary time in two years the time spent on the shelf by a brand new residence has lengthened.

The figures should not ultimate, and the variety of new home purchase remains to be very excessive, whereas the time it takes to promote one remains to be pretty quick, however there does seem to be a change in pattern.

4,381 new houses had been bought in Israel in March. This represents the fourth successive month wherein the quantity has fallen, after the height of 6,163 new home purchases in November 2021. On the similar time, the typical variety of months a brand new home waits on the market has risen to 9.9. Between January 2020 and September 2021 that statistic fell from 15.2 months to 9 months, remaining regular at that degree till final December, when it began to rise once more.

It’s extremely probably that the change in each measures, flats bought and time taken to promote them, stems from funding patrons quitting the brand new houses market after the speed of purchase tax on funding purchases was raised final November.

At any price, because of the decline in funding purchases, the variety of new houses bought within the first quarter of this yr was 12% beneath the quantity for the primary quarter of 2021.

Tel Aviv continues to guide the desk for variety of houses bought, with 961 transactions within the first quarter, however that’s 14% beneath the determine for the primary quarter of 2021. Ashkelon, which was second within the desk within the first quarter of 2021, falls to fourth place, after a 16% decline in new home purchases to 739. In Jerusalem, the quantity fell 8% to 739. Rishon LeZion, however, the place the variety of new houses bought jumped 80% within the first quarter of this yr as compared with the primary quarter of 2021, rose to the quantity two spot.

Revealed by Globes, Israel enterprise information – – on May 12, 2022.

© Copyright of Globes Writer Itonut (1983) Ltd., 2022.

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