Housing sales in Israel remain sluggish

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In the third quarter of 2024, 24,350 homes were sold in Israel, up 31.3% from the third quarter of 2023, the Central Bureau of Statistics reports.

In the third quarter of 2024, 24,350 homes were sold in Israel, up 31.3% from the third quarter of 2023, the Central Bureau of Statistics reports. In September 2024, 7,900 homes were sold, up 46% from September last year, but the rise is misleading because last year the holidays fell in mainly September whereas this year they were all in October. Adjusting for these differences home sales were 25% higher in the third quarter compared with last year.

Even with the rise in the third quarter, housing sales are still well below average. In an average month in recent years 9,200 homes are sold in Israel. In 2023 the market reached the lowest point for some years with 5,600 homes sold per month, while in the first nine month of 2024 the monthly average increased to 8,000. So despite this year's rise housing sales are still 15% below average.

In the third quarter of 2024, 10,760 new homes were sold and 13,590 second-hand homes. 21% of new homes sold were in government subsidized programs.

In terms of geographical division 5,640 housing deals were completed in the Central District in the third quarter of 2024, 5,390 in the Southern District, 3,820 in Tel Aviv District, 3,670 in Haifa District, 2,680 in the Northern District and 2,520 in the Jerusalem District.

The city with the biggest number of housing deals in the third quarter was Jerusalem with 1,834 homes sold - 911 new apartments and 923 second-hand 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. Beersheva was fourth with 1,021 deals including 221 new homes.

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

Published by Globes, Israel business news - en.globes.co.il - on November 14, 2024.

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