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What has happened? The volume of home sales in Israel has fallen by 55% year-on-year in April 2023, almost to their lowest level in 20 years, according to a Finance Ministry report. A significant drop in housing transactions has been recorded in recent months across the country, as prices and interest rates have climbed.
Key numbers. According to the monthly report by the office of the Finance Ministry’s chief economist, only 4,001 residential real estate transactions were registered in April 2023, compared to about 9,000 in April 2022 and about 11,000 in April 2021. It was the lowest figure since at least 2002, except for April 2020 — at the height of Israel’s first pandemic lockdown — with just about 2,000 home sales transactions.
Housing types. Of the 4,001 transactions, almost 1,500 were new builds, 53% down from new home sales in April 2022, and over 2,500 were sold on the secondary market, down 57% from the corresponding period last year.
According to the report, real estate transactions in April were also 41% lower than in March. Preliminary transaction data for May indicates a continued slowdown.
Source: The Times of Israel
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