What Exactly Does the CBS Housing Price Index Measure
Once a month, on the 15th, the Central Bureau of Statistics publishes the Housing Price Index. Headlines round it off — 'Apartment prices rose 0.8%' or 'First decline in two years at 0.1%' — but what lies beneath?
The index measures the change in the 'net price' of apartments — not a simple average of all transactions, but a change that filters out differences in size, age, and location. The method is called 'hedonic regression,' and it aims to answer one question: is the same apartment worth more or less than it was two months ago?
The data comes from the Tax Authority — from every sale transaction actually reported. Not asking prices on Yad2. Not appraisers' estimates. Actual prices at which deals were signed and keys exchanged.
The index covers 67 localities and weights each one by its share of Israel's total housing stock. This means Tel Aviv, Jerusalem, and central Israel carry more weight — while smaller localities like Ganei Tikva or Yehud barely affect the national number.
- Published on the 15th of each month, covering transactions from two months prior — at least 8 weeks of lag
- The figure represents a 'net price' change — not a simple average of all transactions
- Includes both new and second-hand apartment transactions
- Based on 67 localities — peripheral towns barely affect the national average
What the Index Does Not Tell You — and What to Check Instead
Here is where things get dangerous. Many people read that apartment prices fell 3.9% in the Central District and assume the apartment they want in Psagot Ono is 3.9% cheaper. That is not necessarily true.
First, the lag. When you read the February 2026 publication, you are reading about transactions that closed in December 2025. The real estate market can shift in two months — interest rates rise, a conflict resumes, a new project enters the market. The index always tells yesterday's story.
Second, the average conceals huge gaps. The February 2026 publication showed a 3.9% drop in the Central District — but Jerusalem rose 5.4% in the same period. One district can contain seven localities moving in opposite directions.
Third, the index does not account for contractor promotions. In 2025-2026, many contractors offered 'zero-interest price,' 'direct discounts,' and 'interest paid by the contractor.' An apartment sold for NIS 2.8 million while the contractor absorbed NIS 200,000 in financing costs. The index records NIS 2.8 million — not NIS 2.6 million as the buyer actually paid.
| Data Source | What It Shows | Limitations |
|---|---|---|
| CBS Housing Index | National and district-level net price change | 2-month lag; not city or neighborhood level |
| nadlan.gov.il | Actual transactions by address | Accurate data but no trend analysis |
| Madlan / Ydata | Average prices by city and neighborhood | Commercial aggregation — verify sources |
| Yad2 / asking prices | Seller asking prices | Not closing price — typically 3-7% higher |
- The index lags by at least 8 weeks — in a fast market, that is old information
- A district average can hide 5%-8% gaps between neighboring cities
- Contractor discounts and financing promotions are excluded — the real decline in new apartments may be larger
- For accurate local transaction data: nadlan.gov.il shows every deal by address
The Housing Price Index Over the Past 5 Years — and What It Means for Bik'at Ono
To understand the current figure, you need context. Here is how the national Housing Price Index looked in recent years, alongside what happened in Bik'at Ono:
| Year | National Change | Bik'at Ono Trend (Estimate) |
|---|---|---|
| 2020 | +4.9% | +5%-6% (urban renewal driving demand) |
| 2021 | +10.6% | +11%-13% (hot market, strong upgrader demand) |
| 2022 | +18.7% | +17%-20% (20-year high in real estate) |
| 2023 | +1.5% | -1% to +2% (halt as interest rates reached 4.75%) |
| 2024 | +5.1% | +3%-5% (moderate recovery, pent-up demand) |
| 2025-2026 | -0.9% national; Central District -3.9% | -2% to +1% (fluctuations by neighborhood) |
**Important:** Bik'at Ono figures are estimates based on transaction data from nadlan.gov.il and Madlan, not an official dedicated index. The only source for a precise national figure is the CBS.
What can be inferred: Bik'at Ono benefited from a decade of pricing below Tel Aviv and a wave of urban renewal projects that raised apartment quality. This created an appreciation trajectory that generally paralleled the national average — but not always identically. Kiryat Ono declined less than average during the high-interest-rate period because demand from families seeking an alternative to Tel Aviv remained stable.
- 2020-2022: Israeli apartment prices rose roughly 40% — Bik'at Ono moved at a similar pace
- 2023: Sharp halt — rates reached 4.75%, transactions fell, prices moderated
- 2025-2026: Central District down 3.9% annually — but Bik'at Ono relatively stable
- The next market chapter will be shaped by the Purple Line, interest rate cuts, and new housing supply
Kiryat Ono Apartment Prices by Neighborhood — Where the Market Stands Now
Here is where the CBS index stops being useful and actual transaction data takes over. Deals closed January-March 2026 in Kiryat Ono paint an interesting picture:
| Neighborhood | Avg Price per sqm | 4-Room Average | Recent Trend |
|---|---|---|---|
| Psagot Ono (new) | NIS 33,000-36,000 | NIS 3.0M-3.8M | Stable |
| Central Kiryat Ono | NIS 28,000-32,000 | NIS 2.5M-3.2M | Slight decline |
| Kiron | NIS 26,000-30,000 | NIS 2.4M-3.0M | Stable-slight decline |
| Old Ono | NIS 24,000-28,000 | NIS 2.0M-2.6M | Stable |
| Reisfeld (Savyon border) | NIS 35,000-45,000 | NIS 3.5M-5.0M | Stable-slight increase |
Prices are based on transactions actually closed and reported to the Tax Authority, as shown on nadlan.gov.il and market analysis platforms. City-wide average: approximately NIS 30,000-32,000 per square meter.
What the national index does not tell you: while the Central District recorded a 3.9% decline, the Reisfeld neighborhood on the Savyon border continued to hold stable — with some transactions even showing a slight increase. The gap between neighborhoods can exceed 5%, even within the same city.
- Psagot Ono and Reisfeld: premium prices — NIS 33,000-45,000 per sqm
- Central Kiryat Ono and Kiron: balanced market, moderate declines of 2%-4%
- Old Ono: older properties with appreciation potential, relative stability
- For specific transaction data: nadlan.gov.il shows every apartment sold by address, price, and date
How to Use Price Data When Buying or Selling an Apartment
Now that we understand what the index says and what it does not, it is time to get practical. How should price data actually influence your decision?
**If you are buying:** The national index gives you broad context — whether the market is rising, falling, or flat. Before making an offer on an apartment in Kiryat Ono, search nadlan.gov.il by address within a 300-meter radius. Look for transactions that closed in the past 6 months on comparable apartments — similar size, similar floor, similar condition. That is the foundation for a data-based offer.
**If you are selling:** A Yad2 listing price is a starting point — not market value. Use the average of 3-5 similar transactions that closed recently, not asking prices from neighbors who may never actually sell. In 2026's market, with rates relatively high versus 2021, buyers are researching and comparing more than ever.
**Red flag:** If a seller quotes you a price and explains it is based on 'the price two years ago' — that is not market value. The market has changed. nadlan.gov.il gives you the real picture.
**Primary CTA:** Considering buying or selling in Bik'at Ono? **Get a professional valuation based on real transaction data — speak with Shmuel.** Deep familiarity with every deal that closed in the neighborhood is part of the service.
- Buyers: search nadlan.gov.il for comparable deals in the neighborhood over the past 6 months — that is your offer baseline
- Sellers: price based on closed transactions — not neighbors' asking prices
- Correct comparison: similar size, floor, building age, maximum 500-meter radius
- Lag alert: the index reflects December 2025 — in a live market, changes may have occurred that the index does not yet show
Authoritative Real Estate Data Sources in Israel — and What You Will Find in Each
When it comes to a real estate transaction decision, data quality is critical. Here is a map of the available information sources:
**CBS (cbs.gov.il):** The official source for price changes at the national and district level. What you will find: monthly index, district tables, historical charts. What you will not find: prices for a specific city, individual transactions, neighborhood-level prices.
**nadlan.gov.il:** The government database of actual real estate transactions. What you will find: every transaction by address, block and parcel, date and price, locality trends. What you will not find: automated analysis, neighborhood averages, full segmentation.
**govmap.gov.il (Israel's Government Map):** A geographic visualization of real estate transactions — you can see transaction points on a map.
**Madlan, Ydata, Profido Price Guide:** Commercial platforms that aggregate transaction data and display averages by neighborhood, apartment size, and period. Remember: they translate raw transaction data into user-friendly displays, but their aggregation methodology is not always transparent.
**Secondary CTA:** To understand what a realistic price looks like for a specific apartment in Bik'at Ono, also read the [Kiryat Ono apartment prices article 2026](/blog/kiryat-ono-apartment-prices-2026).
- cbs.gov.il — official index, national and district, published on the 15th of each month
- nadlan.gov.il — actual transactions by address, without analytical processing
- Madlan / Ydata — neighborhood averages, accessible but verify against source data
- Yad2 and similar — asking prices only, not closing prices — typically 3%-7% higher
