The Israeli housing market has hit a major pothole, with home sales down 55% year-over-year in April.
According to a Times of Israel analysis of Israeli Finance Ministry data, April’s home sales volume is the lowest level for the month in 21 years (not counting the pandemic-induced chaos of April 2020). In April, only 4,001 transactions were recorded, down from approximately 9,000 one year earlier.
Of the 4,001 transactions, nearly 1,500 were newly built homes, down 52% from one year earlier. More than 2,500 sales involved existing homes, down 57% year-over year.
On a monthly basis, April’s transaction level was down 41% from March, and early data suggests the slowdown will continue to May.
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