Home Prices Fall as Buyers Settle for Smaller Properties

For first-time buyers, average price fell 16% in second quarter, Housing Ministry says.

The price of a home bought in the second quarter showed a surprising decline, and data from the Housing and Construction Ministry released this week points to the reason: Stung by high prices in the most sought-after parts of the country, the typical home buyer settled for purchasing a smaller, cheaper house far away from the greater Tel Aviv area.