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| Housing market in Israel slows as sales fall, buyers seek cheaper homes

Zev Stub    
Tuesday, 12 September 11:18 AM
Israel’s housing market is showing continued signs of cooling off, amid shrinking sales and a move to lower-priced properties, the Finance Ministry chief economist said in a report on the real estate sector released on Monday.
 
In the first seven months of the year, residential sales fell 13% from the same period in 2016, to about 60,300. The figure was down 21% from its peak in January to July 2015.
 
In addition to declining sales, the average home price dropped, to 1.64 million shekels ($465,000) in July from 1.75 million shekels in March. The chief economist said this did not reflect declining prices, but rather that buyers sought cheaper properties.
 
        
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