Israeli Housing Prices Decline, Transactions Slow Amid Market Freeze

Israel's housing market is experiencing a slowdown, with prices showing a decline. The Central Bureau of Statistics (CBS) reported a 0.6% decrease in housing prices for July-August compared to the previous two months. This marks the first annual drop, with prices falling 1.8% year-over-year, and new apartment prices also decreased by 0.4%.

Amidst what is described as a deep freeze in real estate transactions, a review of recent second-hand apartment sales across various cities highlights current market activity. In Be'er Sheva, a 3-room apartment sold for 600,000 shekels and a 4-room apartment for 1.19 million shekels. Kiryat Gat saw a 4-room apartment sold for 1.7 million shekels and another for 1.8 million shekels.

Further south, Ashdod recorded a sale of a 4-room apartment for 2.14 million shekels. Rehovot had several transactions, including a 3-room apartment for 2.87 million shekels, a 4-room apartment for 2.5 million shekels, and a 5-room apartment for 3.6 million shekels. Ramla saw a 2-room apartment sold for 1.25 million shekels, while Shoham had a 5-room apartment sold for 3.7 million shekels.

In Holon, a 4-room apartment was sold for 2.45 million shekels. Notably, a private house with 8 rooms and a 100-square-meter garden was sold for 5.355 million shekels. Other sales included a 5-room apartment in Netanya for 3.4 million shekels, and several apartments in Haifa ranging from 1.645 million to 1.8 million shekels. Nahariya, Acre, and Karmiel also saw apartment sales, with prices ranging from 625,000 to 830,000 shekels for smaller units.

The data, compiled with the help of national real estate networks like RE/MAX, Anglo-Saxon, and Diur Plus, reflects the current state of the housing market, characterized by a significant drop in prices and a noticeable slowdown in sales volume.