Housing prices fell nationwide in the fourth quarter of 2007, the Bank of Israel reports in the Survey of Economic Developments - July-December 2007. The Housing Prices Index fell by 2.3% in the fourth quarter after rising by 4.7% in the third quarter.
There is a wide variance in housing prices between high demand areas and prices in outlying areas. Prices rose sharply in the former, while falling in the latter. The Bank of Israel noted a number of factors boosting housing demand, including rising demand for apartments by foreign residents last year, but said that the industry did not respond to the increase.
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