New home sales rose 4.3% to 1,683 homes in May 2011 from 1,614 homes April, the Central Bureau of Statistics reported today, despite the Bank of Israel's efforts to cool the market, by tightening mortgage terms, which came into effect at the beginning of the month.
Demand for new homes rose 6.4% to 3,162 homes in May from 2,971 homes in April.
Demand for new homes in January-May was 5% higher than in the corresponding months of 2010. New home sales also rose by 5% over the same period.
The housing inventory rose 1.3% to 11,626 units in May from 11,472 units in April. However, the housing inventory in the Central District fell 2% to 4,831 units in May from 4,943 units in April. The housing inventory is sufficient for 7.8 months at the current pace of sales, up from 7.6 months in April.
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