Official market statistics

Israel Real Estate Market Statistics

Official Central Bureau of Statistics & Bank of Israel data

Last successful update: 13 September 2026

  • CBS price indices
  • CBS time series
  • Bank of Israel

Every indicator carries its own reference period — CBS and Bank of Israel releases lag by one to three months, so figures on this page do not describe a single month. Dwelling price indices cover overlapping two-month periods and their latest values are provisional.

Market highlights

  • The Dwellings Price Index changed +0.1% in April–May 2026 against the previous two-month period and -1.5% year on year. [hpi.israel · 2026-05]
  • The New Dwellings Price Index changed +0.5% in April–May 2026 (-2.0% year on year). [hpi_new.israel · 2026-05]
  • 7,597 dwellings were sold in July 2026 (-9.2% year on year): 2,930 new and 4,668 second-hand. [sales_total.israel · 2026-07]
  • 84,990 new dwellings remained unsold at the end of July 2026; the official months of supply stood at 26.9 mo. [unsold_new.israel · 2026-07]
  • Construction began on 18,896 dwellings in Q1 2026 (-14.7% year on year), 14,605 were completed and permits covered 19,009. [starts_q.israel · 2026-Q1]
  • Banks granted ₪10.0 bn of new housing loans in July 2026 (seasonally adjusted); the average fixed non-indexed mortgage rate was 4.74% in February 2026. [mortgage_volume_sa.israel · 2026-07]

Dwellings Price Index

+0.1% vs previous period

-1.5% year on year

April–May 2026provisional

Quality-adjusted index of prices in new and second-hand dwelling transactions; overlapping two-month periods (April–May vs March–April).

CBS

New Dwellings Price Index

+0.5% vs previous period

-2.0% year on year

April–May 2026provisional

Price index of new dwellings sold, overlapping two-month periods.

CBS

Total dwellings sold

7,597

-9.2% year on year

July 2026provisional

All dwelling transactions in the month (new + second-hand), original data.

CBS

New dwellings sold

2,930

+2.9% year on year

July 2026provisional

New dwellings sold by contractors in the month (Survey of New Dwellings Demanded), original data.

CBS

Second-hand dwellings sold

4,668

-15.5% year on year

July 2026provisional

Existing (second-hand) dwellings sold in the month, original data.

CBS

Unsold new dwellings

84,990

+3.1% year on year

July 2026provisional

Stock of new dwellings still for sale at the end of the month (for-sale construction).

CBS

Months of supply

26.9 mo

-0.6% vs previous month

July 2026

Official CBS months of supply of new dwellings, computed on trend data — months needed to sell the current stock at the current sales pace.

CBS

Dwellings in building permits

19,009

+10.2% year on year

Q1 2026final

Dwellings in permits issued in the quarter.

CBS

Construction begun

18,896

-14.7% year on year

Q1 2026final

Dwellings whose construction began in the quarter (gross starts).

CBS

Construction completed

14,605

+17.4% year on year

Q1 2026final

Dwellings completed in the quarter.

CBS

Under active construction

211,711

+7.3% year on year

Q1 2026final

Stock of dwellings under active construction at the end of the quarter (not a flow).

CBS

New housing loans

₪10.0 bn seasonally adjusted

+11.9% year on year

July 2026

Volume of new housing loans granted by the banking system in the month (seasonally adjusted). A loan amount is not a transaction price.

Bank of Israel

Prices

Price indices

Dwellings Price Index (Average 1993 = 100)

  • Dwellings Price Index
400.0450.0500.0550.0600.0Jan–Feb 18Jun–Jul 19Nov–Dec 20Apr–May 22Sep–Oct 23Feb–Mar 25Apr–May 26Jan–Feb 18Jun–Jul 19Nov–Dec 20Apr–May 22Sep–Oct 23Feb–Mar 25Apr–May 26Dwellings Price Index — April–May 2026: 593.6 (provisional)

Index level, overlapping two-month periods labelled by both months. Last three periods provisional (*).

Source: Israel Central Bureau of Statistics — Price Indices API

Data table (last 12 periods)
PeriodDwellings Price Index
April–May 2026593.6*
March–April 2026593.0*
February–March 2026599.6*
January–February 2026602.0
December 2025–January 2026599.6
November–December 2025600.2
October–November 2025600.8
September–October 2025596.0
August–September 2025593.0
July–August 2025597.2
June–July 2025600.8
May–June 2025602.0

Dwelling prices — year-on-year change (%)

  • All dwellings (official)
  • New dwellings (official)
  • All dwellings, real (derived)
0.0%10.0%20.0%Mar–Apr 22Dec–Jan 23Sep–Oct 23Jun–Jul 24Mar–Apr 25Dec–Jan 26Apr–May 26Mar–Apr 22Dec–Jan 23Sep–Oct 23Jun–Jul 24Mar–Apr 25Dec–Jan 26Apr–May 26All dwellings (official) — April–May 2026: -1.5% (provisional)New dwellings (official) — April–May 2026: -2.0% (provisional)All dwellings, real (derived) — April–May 2026: -3.3%

Official CBS year-on-year rates. Real change deflates the nominal rate by CPI of the index's second month.

Derived · real_hpi_change = (1 + nominal_hpi_yoy) / (1 + cpi_yoy) − 1

Data table (last 12 periods)
PeriodAll dwellings (official)New dwellings (official)All dwellings, real (derived)
April–May 2026-1.5%*-2.0%*-3.3%
March–April 2026-2.0%*-4.0%*-3.8%
February–March 2026-1.3%*-4.2%*-3.1%
January–February 2026-1.1%-4.0%-3.0%
December 2025–January 2026-1.7%-4.1%-3.4%
November–December 2025-1.0%-2.8%-3.5%
October–November 20250.3%-1.0%-2.1%
September–October 2025-0.1%-1.1%-2.5%
August–September 2025-0.1%-1.8%-2.5%
July–August 20250.8%-0.4%-2.0%
June–July 20251.3%0.9%-1.7%
May–June 20251.7%2.7%-1.5%

Dwelling price indices by district — year-on-year change (%)

  • Jerusalem
  • Northern
  • Haifa
  • Central
  • Tel Aviv
  • Southern
-5.0%0.0%5.0%10.0%May–Jun 23Nov–Dec 23May–Jun 24Nov–Dec 24May–Jun 25Nov–Dec 25Apr–May 26May–Jun 23Nov–Dec 23May–Jun 24Nov–Dec 24May–Jun 25Nov–Dec 25Apr–May 26Jerusalem — April–May 2026: 1.8% (provisional)Northern — April–May 2026: 1.6% (provisional)Haifa — April–May 2026: -1.8% (provisional)Central — April–May 2026: -4.1% (provisional)Tel Aviv — April–May 2026: -1.7% (provisional)Southern — April–May 2026: 0.1% (provisional)

CBS publishes district indices for six districts (base October 2017 = 100); Judea & Samaria has no district price index. Year-on-year computed from the published index levels (same two-month period a year earlier).

Source: Israel Central Bureau of Statistics — Price Indices API

Data table (last 12 periods)
PeriodJerusalemNorthernHaifaCentralTel AvivSouthern
April–May 20261.8%*1.6%*-1.8%*-4.1%*-1.7%*0.1%*
March–April 20260.3%*1.2%*-2.6%*-3.5%*-2.3%*-0.8%*
February–March 20261.0%*2.3%*-0.5%*-3.2%*-1.4%*-1.3%*
January–February 20263.9%1.5%1.2%-2.6%-3.4%-0.3%
December 2025–January 20263.5%2.2%0.9%-2.7%-5.3%0.4%
November–December 20256.0%3.0%0.8%-3.9%-3.3%0.8%
October–November 202510.2%4.8%0.7%-3.2%-2.1%1.5%
September–October 202510.0%5.4%0.5%-3.0%-3.6%1.0%
August–September 20258.5%5.3%1.1%-2.8%-3.4%0.9%
July–August 20256.0%7.4%1.6%-2.3%-1.0%2.2%
June–July 20255.1%8.7%3.6%-2.1%-0.6%2.8%
May–June 20252.8%9.0%5.4%-0.5%-0.4%2.3%

Construction input costs, CPI and rent — year-on-year change (%)

  • Residential building input index
  • Consumer Price Index
  • CPI — rent component
  • CPI — owned dwellings' services
2.0%4.0%6.0%8.0%Aug 21Jun 22Apr 23Feb 24Dec 24Oct 25Jul 26Aug 21Jun 22Apr 23Feb 24Dec 24Oct 25Jul 26Residential building input index — July 2026: 3.5% (final)Consumer Price Index — July 2026: 1.5% (final)CPI — rent component — July 2026: 3.2% (final)CPI — owned dwellings' services — July 2026: 3.7% (final)

Monthly indices. The rent component is a price index of rents paid by tenants, not an average rent in shekels.

Source: Israel Central Bureau of Statistics — Price Indices API

Data table (last 12 periods)
PeriodResidential building input indexConsumer Price IndexCPI — rent componentCPI — owned dwellings' services
July 20263.5%1.5%3.2%3.7%
June 20263.7%1.6%3.3%4.4%
May 20263.5%1.9%3.2%4.0%
April 20263.0%1.9%3.2%2.9%
March 20262.1%1.9%3.3%3.8%
February 20262.2%2.0%3.2%4.5%
January 20262.5%1.8%3.3%3.8%
December 20255.1%2.6%3.4%3.2%
November 20255.3%2.4%3.3%2.6%
October 20255.0%2.5%3.4%3.1%
September 20255.1%2.5%3.4%3.9%
August 20255.5%2.9%3.3%4.3%
Sales

Dwelling transactions

Dwellings sold per month (original data)

  • Total
  • Second-hand
  • New
05,00010,00015,000Aug 21Jun 22Apr 23Feb 24Dec 24Oct 25Jul 26Aug 21Jun 22Apr 23Feb 24Dec 24Oct 25Jul 26Total — July 2026: 7,597 (provisional)Second-hand — July 2026: 4,668 (provisional)New — July 2026: 2,930 (provisional)

Direct monthly values; the last two months are provisional and revised as late transaction reports arrive.

Source: Israel Central Bureau of Statistics — Time Series API (Construction & Real Estate Transactions) · published 2026-09-02

Data table (last 12 periods)
PeriodTotalSecond-handNew
July 20267,597*4,668*2,930*
June 20269,003*5,250*3,753*
May 20268,5614,7763,785
April 20265,3343,0932,242
March 20267,8324,8332,999
February 20267,6604,8742,786
January 20267,3154,9282,387
December 20258,9975,2583,739
November 20257,7174,7462,970
October 20254,8012,8311,970
September 20257,2344,4912,743
August 20257,8854,6273,258

Total dwellings sold — seasonally adjusted and trend

  • Seasonally adjusted
  • Trend
05,00010,00015,000Aug 21Jun 22Apr 23Feb 24Dec 24Oct 25Jul 26Aug 21Jun 22Apr 23Feb 24Dec 24Oct 25Jul 26Seasonally adjusted — July 2026: 7,450Trend — July 2026: 7,737

Shown separately from the original data; never summed with it.

Source: Israel Central Bureau of Statistics — Time Series API (Construction & Real Estate Transactions) · published 2026-09-02

Data table (last 12 periods)
PeriodSeasonally adjustedTrend
July 20267,4507,737
June 20268,0787,698
May 20269,2237,635
April 20267,5577,554
March 20266,7017,463
February 20267,6887,383
January 20267,2227,326
December 20257,6567,300
November 20257,3597,306
October 20257,1847,333
September 20257,3607,374
August 20257,6747,421

Trailing 12-month sales (derived)

  • Total, 12 months
  • New, 12 months
050,000100,000150,000Aug 21Jun 22Apr 23Feb 24Dec 24Oct 25Jul 26Aug 21Jun 22Apr 23Feb 24Dec 24Oct 25Jul 26Total, 12 months — July 2026: 89,936New, 12 months — July 2026: 35,562

Sum of the last 12 consecutive calendar months of original data.

Derived · rolling_12m = sum(last 12 consecutive non-overlapping months) · published 2026-09-02

Data table (last 12 periods)
PeriodTotal, 12 monthsNew, 12 months
July 202689,93635,562
June 202690,70835,479
May 202687,83933,726
April 202686,72532,464
March 202688,05732,685
February 202688,78632,913
January 202688,99333,114
December 202590,04133,833
November 202593,30136,358
October 202593,10136,430
September 202593,88836,817
August 202595,62537,768

Share of new dwellings in total sales (%)

  • New share
  • Subsidized share of new sales
0.0%10.0%20.0%30.0%40.0%50.0%Aug 21Jun 22Apr 23Feb 24Dec 24Oct 25Jul 26Aug 21Jun 22Apr 23Feb 24Dec 24Oct 25Jul 26New share — July 2026: 38.6%Subsidized share of new sales — July 2026: 37.9%

Derived · new_share = sales_new / sales_total × 100 · published 2026-09-02

Data table (last 12 periods)
PeriodNew shareSubsidized share of new sales
July 202638.6%37.9%
June 202641.7%32.3%
May 202644.2%31.9%
April 202642.0%33.3%
March 202638.3%20.7%
February 202636.4%26.6%
January 202632.6%27.9%
December 202541.6%27.0%
November 202538.5%35.6%
October 202541.0%44.7%
September 202537.9%32.8%
August 202541.3%32.6%

Dwellings sold by district · July 2026

  1. Jerusalem598
  2. Northern937
  3. Haifa1,257
  4. Central1,617
  5. Tel Aviv1,113
  6. Southern1,809
  7. Judea & Samaria Area266

Total dwellings sold in the latest month, by district (original data).

Source: Israel Central Bureau of Statistics — Time Series API (Construction & Real Estate Transactions)

Annual dwelling sales

  • Total
  • Second-hand
  • New
050,000100,000150,00020142016201820202022202420252014201620182020202220242025Total — 2025: 90,040 (provisional)Second-hand — 2025: 56,207 (provisional)New — 2025: 33,833 (provisional)

Source: Israel Central Bureau of Statistics — Time Series API (Construction & Real Estate Transactions) · published 2026-09-02

Data table (last 12 periods)
PeriodTotalSecond-handNew
202590,040*56,207*33,833*
2024102,649*57,201*45,447*
202371,49144,05927,432
2022107,97769,03438,944
2021143,97588,27655,699
202097,36757,85239,515
201997,10957,52439,584
201887,12156,47830,643
201783,79455,85327,941
201694,15761,24932,908
2015102,31966,90335,416
201485,31159,36125,950
New-build market

Supply of new dwellings

Unsold new dwellings at end of month

  • Unsold stock (original)
40,00050,00060,00070,00080,000Aug 21Jun 22Apr 23Feb 24Dec 24Oct 25Jul 26Aug 21Jun 22Apr 23Feb 24Dec 24Oct 25Jul 26Unsold stock (original) — July 2026: 84,990 (provisional)

Stock at the end of the period — a level, not a monthly flow.

Source: Israel Central Bureau of Statistics — Time Series API (Construction & Real Estate Transactions) · published 2026-09-02

Data table (last 12 periods)
PeriodUnsold stock (original)
July 202684,990*
June 202684,283*
May 202684,127
April 202684,004
March 202685,312
February 202685,924
January 202686,291
December 202586,095
November 202583,629
October 202583,577
September 202583,921
August 202583,189

Months of supply of new dwellings (official)

  • Months of supply
0.0 mo5.0 mo10.0 mo15.0 mo20.0 mo25.0 mo30.0 moAug 21Jun 22Apr 23Feb 24Dec 24Oct 25Jul 26Aug 21Jun 22Apr 23Feb 24Dec 24Oct 25Jul 26Months of supply — July 2026: 26.9 mo

CBS official series computed on trend data.

Source: Israel Central Bureau of Statistics — Time Series API (Construction & Real Estate Transactions) · published 2026-09-02

Data table (last 12 periods)
PeriodMonths of supply
July 202626.9 mo
June 202627.1 mo
May 202627.5 mo
April 202628.1 mo
March 202628.8 mo
February 202629.5 mo
January 202630.0 mo
December 202530.2 mo
November 202530.2 mo
October 202530.1 mo
September 202530.0 mo
August 202529.9 mo

New dwellings sold as % of unsold stock (derived)

  • Monthly absorption
0.0%5.0%10.0%15.0%Aug 21Jun 22Apr 23Feb 24Dec 24Oct 25Jul 26Aug 21Jun 22Apr 23Feb 24Dec 24Oct 25Jul 26Monthly absorption — July 2026: 3.4%

Simple ratio of new dwellings sold in the month to the stock at month end; not the official months-of-supply formula.

Derived · sales_to_stock_ratio = sales_new / unsold_new × 100 · published 2026-09-02

Data table (last 12 periods)
PeriodMonthly absorption
July 20263.4%
June 20264.5%
May 20264.5%
April 20262.7%
March 20263.5%
February 20263.2%
January 20262.8%
December 20254.3%
November 20253.6%
October 20252.4%
September 20253.3%
August 20253.9%

New dwellings sold — seasonally adjusted and trend

  • Seasonally adjusted
  • Trend
01,0002,0003,0004,0005,0006,000Aug 21Jun 22Apr 23Feb 24Dec 24Oct 25Jul 26Aug 21Jun 22Apr 23Feb 24Dec 24Oct 25Jul 26Seasonally adjusted — July 2026: 3,011Trend — July 2026: 3,156

Source: Israel Central Bureau of Statistics — Time Series API (Construction & Real Estate Transactions) · published 2026-09-02

Data table (last 12 periods)
PeriodSeasonally adjustedTrend
July 20263,0113,156
June 20263,4973,131
May 20264,2673,082
April 20263,1433,014
March 20262,7212,937
February 20262,8292,868
January 20262,4752,823
December 20252,9232,803
November 20252,8302,802
October 20252,7892,808
September 20252,8732,809
August 20252,9922,802
Construction pipeline

Permits → Begun → Active → Completed

  1. Permits19,009Q1 2026 · quarterly flow
  2. Construction begun18,896Q1 2026 · quarterly flow
  3. Under active construction211,711Q1 2026 · end-of-quarter stock
  4. Completed14,605Q1 2026 · quarterly flow

Quarterly flows: permits, construction begun, completed

  • Permits
  • Begun
  • Completed
05,00010,00015,00020,00025,000Q2 20Q2 21Q2 22Q2 23Q2 24Q2 25Q1 26Q2 20Q2 21Q2 22Q2 23Q2 24Q2 25Q1 26Permits — Q1 2026: 19,009 (final)Begun — Q1 2026: 18,896 (final)Completed — Q1 2026: 14,605 (final)

Source: Israel Central Bureau of Statistics — Time Series API (Construction & Real Estate Transactions) · published 2026-06-07

Data table (last 12 periods)
PeriodPermitsBegunCompleted
Q1 202619,00918,89614,605
Q4 202525,13218,98616,700
Q3 202521,21418,74015,741
Q2 202517,21519,84515,097
Q1 202517,24522,14112,442
Q4 202426,52521,46515,506
Q3 202420,58018,03713,035
Q2 202417,24113,52012,717
Q1 202414,94417,52313,177
Q4 202320,70813,96516,665
Q3 202320,22018,92815,045
Q2 202316,01115,81016,528

Dwellings under active construction (end of quarter)

  • Under active construction
140,000160,000180,000200,000Q2 20Q2 21Q2 22Q2 23Q2 24Q2 25Q1 26Q2 20Q2 21Q2 22Q2 23Q2 24Q2 25Q1 26Under active construction — Q1 2026: 211,711 (final)

A stock; never add it to the annual starts or completions flows.

Source: Israel Central Bureau of Statistics — Time Series API (Construction & Real Estate Transactions) · published 2026-06-07

Data table (last 12 periods)
PeriodUnder active construction
Q1 2026211,711
Q4 2025207,377
Q3 2025204,670
Q2 2025201,639
Q1 2025197,254
Q4 2024187,543
Q3 2024181,543
Q2 2024176,499
Q1 2024175,717
Q4 2023171,524
Q3 2023174,289
Q2 2023170,706

Construction begun by purpose · Q1 2026

  1. built for sale13,198
  2. government-subsidized (for sale)853
  3. not for sale5,697
  4. for rent532
  5. self-construction3,180

Subsidized is a subset of 'built for sale'; rental and self-construction are subsets of 'not for sale'.

Source: Israel Central Bureau of Statistics — Time Series API (Construction & Real Estate Transactions)

Urban renewal — construction begun · Q1 2026

  1. Construction begun in rebuilt buildings (urban renewal)4,289
  2. Thereof: under NOP 38/23,780
  3. Dwellings added to existing buildings1,383

Rebuilt-building starts were 22.7% of all dwellings begun in Q1 2026 (derived).

Source: Israel Central Bureau of Statistics — Time Series API (Construction & Real Estate Transactions)

Annual pipeline

  • Permits
  • Begun
  • Completed
020,00040,00060,00080,00020142016201820202022202420252014201620182020202220242025Permits — 2025: 80,806 (final)Begun — 2025: 79,713 (final)Completed — 2025: 59,980 (final)

Source: Israel Central Bureau of Statistics — Time Series API (Construction & Real Estate Transactions) · published 2026-06-07

Data table (last 12 periods)
PeriodPermitsBegunCompleted
202580,80679,71359,980
202479,29070,54454,435
202373,03965,19061,072
202277,65169,51653,375
202173,72264,61447,136
202054,01856,67650,414
201957,02356,58753,282
201852,27455,94352,758
201756,50055,89850,131
201653,96956,92346,627
201555,25753,70944,758
201447,39547,68844,772

Urban-renewal share of construction begun (%)

  • Share
0.0%5.0%10.0%15.0%20.0%25.0%30.0%Q2 20Q2 21Q2 22Q2 23Q2 24Q2 25Q1 26Q2 20Q2 21Q2 22Q2 23Q2 24Q2 25Q1 26Share — Q1 2026: 22.7%

Derived · urban_renewal_share = starts_urban_renewal / starts_q × 100 · published 2026-06-07

Data table (last 12 periods)
PeriodShare
Q1 202622.7%
Q4 202520.8%
Q3 202524.4%
Q2 202525.2%
Q1 202523.6%
Q4 202423.4%
Q3 202427.1%
Q2 202423.8%
Q1 202428.8%
Q4 202328.5%
Q3 202321.5%
Q2 202320.8%
Regional comparison

Districts

DistrictPrice index YoY
April–May 2026		Dwellings sold
July 2026		Second-hand sold
July 2026		Permits
Q1 2026		Begun
Q1 2026		Completed
Q1 2026		Under construction
Q1 2026
Jerusalem+1.8%5984201,6622,7492,06626,023
Northern+1.6%9375282,2482,1851,99421,424
Haifa-1.8%1,2578263,0171,3831,48118,387
Central-4.1%1,6171,1034,3804,8103,42452,061
Tel Aviv-1.7%1,1136283,9173,7743,55453,821
Southern+0.1%1,8099713,3193,5291,92735,441
Judea & Samaria Arean/a2661914602661544,346

Judea & Samaria Area is shown as the separate statistical category used by CBS; coverage follows the source definition. District price indices are not published for it.

Under active construction by district · Q1 2026

  1. Jerusalem26,023
  2. Northern21,424
  3. Haifa18,387
  4. Central52,061
  5. Tel Aviv53,821
  6. Southern35,441
  7. Judea & Samaria Area4,346

Source: Israel Central Bureau of Statistics — Time Series API (Construction & Real Estate Transactions)

Construction begun by district · Q1 2026

  1. Jerusalem2,749
  2. Northern2,185
  3. Haifa1,383
  4. Central4,810
  5. Tel Aviv3,774
  6. Southern3,529
  7. Judea & Samaria Area266

Source: Israel Central Bureau of Statistics — Time Series API (Construction & Real Estate Transactions)

Financing

Mortgages

New housing loans — monthly volume (seasonally adjusted)

  • Seasonally adjusted
₪0k₪2.0 bn₪4.0 bn₪6.0 bn₪8.0 bn₪10.0 bn₪12.0 bnAug 21Jun 22Apr 23Feb 24Dec 24Oct 25Jul 26Aug 21Jun 22Apr 23Feb 24Dec 24Oct 25Jul 26Seasonally adjusted — July 2026: ₪10.0 bn

New business only — refinancing and outstanding balances are shown separately.

Source: Bank of Israel — Statistics SDMX API

Data table (last 12 periods)
PeriodSeasonally adjusted
July 2026₪10.0 bn
June 2026₪9.6 bn
May 2026₪9.5 bn
April 2026₪9.5 bn
March 2026₪9.6 bn
February 2026₪10.1 bn
January 2026₪9.8 bn
December 2025₪9.9 bn
November 2025₪9.6 bn
October 2025₪8.4 bn
September 2025₪8.9 bn
August 2025₪8.7 bn

New housing loans — original volume and number

  • Volume (original)
  • Refinanced (recycled) loans
₪0k₪2.0 bn₪4.0 bn₪6.0 bn₪8.0 bn₪10.0 bn₪12.0 bn₪14.0 bnFeb 21Jan 22Dec 22Nov 23Oct 24Sep 25Feb 26Feb 21Jan 22Dec 22Nov 23Oct 24Sep 25Feb 26Volume (original) — February 2026: ₪9.1 bnRefinanced (recycled) loans — February 2026: ₪3.8 bn

Source: Bank of Israel — Statistics SDMX API

Data table (last 12 periods)
PeriodVolume (original)Refinanced (recycled) loans
February 2026₪9.1 bn₪3.8 bn
January 2026₪8.7 bn—
December 2025₪11.2 bn₪4.1 bn
November 2025₪9.0 bn₪3.4 bn
October 2025₪6.8 bn₪2.5 bn
September 2025₪8.9 bn₪3.0 bn
August 2025₪9.1 bn₪3.0 bn
July 2025₪10.7 bn₪3.4 bn
June 2025₪8.9 bn₪2.8 bn
May 2025₪9.3 bn₪2.9 bn
April 2025₪8.0 bn₪2.8 bn
March 2025₪9.2 bn₪2.7 bn

Average interest rates on new housing loans (%)

  • Fixed, non-indexed
  • CPI-indexed (fixed and variable)
  • Bank of Israel rate (month end)
0.0%1.0%2.0%3.0%4.0%5.0%Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26Sep 26Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26Sep 26Fixed, non-indexed — February 2026: 4.7%CPI-indexed (fixed and variable) — February 2026: 3.3%Bank of Israel rate (month end) — September 2026: 3.3%

System-wide averages of loans actually granted — not a bank's offer to any individual borrower.

Source: Bank of Israel — Statistics SDMX API

Data table (last 12 periods)
PeriodFixed, non-indexedCPI-indexed (fixed and variable)Bank of Israel rate (month end)
September 2026——3.3%
August 2026——3.5%
July 2026——3.5%
June 2026——3.8%
May 2026——3.8%
April 2026——4.0%
March 2026——4.0%
February 20264.7%3.3%4.0%
January 20264.8%3.4%4.0%
December 20254.8%3.3%4.3%
November 20254.8%3.3%4.3%
October 20254.8%3.4%4.5%

Average new loan size (derived)

  • Average loan
₪0k₪200k₪400k₪600k₪800k₪1.00 mFeb 21Dec 21Oct 22Aug 23Jun 24Apr 25Feb 26Feb 21Dec 21Oct 22Aug 23Jun 24Apr 25Feb 26Average loan — February 2026: ₪1.05 m

Volume ÷ number of new loans in the same month. A loan is not a purchase price.

Derived · average_loan_size = new_housing_loan_volume / number_of_new_loans

Data table (last 12 periods)
PeriodAverage loan
February 2026₪1.05 m
December 2025₪1.04 m
November 2025₪1.02 m
October 2025₪1.06 m
September 2025₪1.07 m
August 2025₪1.08 m
July 2025₪1.05 m
June 2025₪1.07 m
May 2025₪1.06 m
April 2025₪1.03 m
March 2025₪994k
February 2025₪963k

Average payment-to-income ratio of new loans (%)

  • Payment-to-income
0.0%5.0%10.0%15.0%20.0%25.0%30.0%Feb 21Dec 21Oct 22Aug 23Jun 24Apr 25Feb 26Feb 21Dec 21Oct 22Aug 23Jun 24Apr 25Feb 26Payment-to-income — February 2026: 29.6%

Source: Bank of Israel — Statistics SDMX API

Data table (last 12 periods)
PeriodPayment-to-income
February 202629.6%
December 202529.3%
November 202529.3%
October 202529.5%
September 202529.7%
August 202529.6%
July 202529.8%
June 202529.9%
May 202530.0%
April 202529.9%
March 202529.8%
February 202529.4%

Outstanding housing credit (carrying amount)

  • Outstanding balance
₪0k₪100.0 bn₪200.0 bn₪300.0 bn₪400.0 bn₪500.0 bn₪600.0 bnFeb 21Dec 21Oct 22Aug 23Jun 24Apr 25Jan 26Feb 21Dec 21Oct 22Aug 23Jun 24Apr 25Jan 26Outstanding balance — January 2026: ₪641.7 bn

Balance sheet stock of the total banking system — not a monthly flow.

Source: Bank of Israel — Statistics SDMX API

Data table (last 12 periods)
PeriodOutstanding balance
January 2026₪641.7 bn
December 2025₪638.8 bn
November 2025₪634.7 bn
October 2025₪630.2 bn
September 2025₪628.8 bn
August 2025₪623.8 bn
July 2025₪619.4 bn
June 2025₪614.5 bn
May 2025₪611.8 bn
April 2025₪606.5 bn
March 2025₪602.7 bn
February 2025₪599.2 bn

New loans by loan-to-value · February 2026

  1. LTV up to 30%₪679.64 m
  2. LTV 30–45%₪1.5 bn
  3. LTV 45–60%₪2.6 bn
  4. LTV 60–75%₪4.3 bn
  5. LTV 75–90%₪320k

Shares of volume: up to 30% 8% · 30–45% 17% · 45–60% 29% · 60–75% 47% · 75–90% 0%.

Source: Bank of Israel — Statistics SDMX API

New loans by rate type and indexation · February 2026

  1. Variable rate, non-indexed₪4.6 bn
  2. Fixed rate, non-indexed₪3.2 bn
  3. Variable rate, CPI-indexed₪412.02 m
  4. Fixed rate, CPI-indexed₪810.83 m

Excluding buying groups. Variable-rate loans include prime-linked tracks.

Source: Bank of Israel — Statistics SDMX API

Other new-business segments · February 2026

  1. Loans for investment dwellings₪840.05 m
  2. Loans for reduced-price (subsidized) dwellings₪437.57 m
  3. Bullet and balloon loans₪1.3 bn

Source: Bank of Israel — Statistics SDMX API

Transparency

Sources & methodology

Update schedule, revisions and last-known-good
  • A full server-side import runs on the 1st of every month at 06:00 Israel time (04:00 UTC winter / 07:00 IDT summer) and again on the 16th, after the CBS mid-month price-index release. Nothing is fetched in the browser.
  • Each import re-downloads the whole recent window of every series (100 index periods, 132 months of counts, 60 quarters), so CBS revisions of provisional periods — the last three two-month HPI periods and the last two months of sales and stock — are applied idempotently.
  • If a core series is missing, a value is negative or non-numeric, a period duplicates, or total sales do not reconcile with new + second-hand, the import is rejected and the last validated dataset stays live. A source that has not yet published a new period simply keeps its last period; blanks are never written as zero.
  • Seasonally adjusted and trend series are stored and drawn separately from original data and are never summed with it. Stocks (unsold dwellings, active construction, outstanding credit) are never added to flows.
Definitions and derived formulas
  • Dwellings Price Index — CBS quality-adjusted index of new and second-hand dwelling transaction prices, computed on overlapping two-month windows and labelled by the second month (the API value for May is April–May). Base: average 1993 = 100; district and new-dwelling indices: October 2017 = 100.
  • Months of supply — official CBS ratio of unsold new dwellings to the sales pace, computed on trend data.
  • Share of new dwellings in total sales — new_share = sales_new / sales_total × 100 (derived, not official).
  • Total dwellings sold — trailing 12 months — rolling_12m = sum(last 12 consecutive non-overlapping months) (derived, not official).
  • New dwellings sold — trailing 12 months — rolling_12m = sum(last 12 consecutive non-overlapping months) (derived, not official).
  • New dwellings sold as % of unsold stock — sales_to_stock_ratio = sales_new / unsold_new × 100 — Not the official months-of-supply; a simple monthly absorption ratio. (derived, not official).
  • Dwellings Price Index — real year-on-year change — real_hpi_change = (1 + nominal_hpi_yoy) / (1 + cpi_yoy) − 1 — CPI of the index's second month is used; the two-month HPI window is not a calendar month. (derived, not official).
  • Average new housing loan — average_loan_size = new_housing_loan_volume / number_of_new_loans (derived, not official).
  • Government-subsidized share of new dwellings sold — subsidized_share = sales_new_subsidized / sales_new × 100 (derived, not official).
  • Urban-renewal share of construction begun — urban_renewal_share = starts_urban_renewal / starts_q × 100 — Dwellings begun in rebuilt buildings (demolition and reconstruction) as a share of all dwellings begun in the quarter. (derived, not official).
Series registry (122 series)
IDNameSource seriesFrequencyAdjustmentLatest periodStatusPublished
active_annual.israelDwellings under active construction (end of year)CBS 674320annualraw2025final2026-06-07
active.centralUnder active construction — CentralCBS 574093quarterlyrawQ1 2026final2026-06-07
active.haifaUnder active construction — HaifaCBS 574092quarterlyrawQ1 2026final2026-06-07
active.israelDwellings under active construction (end of quarter)CBS 574320quarterlyrawQ1 2026final2026-06-07
active.jerusalemUnder active construction — JerusalemCBS 574090quarterlyrawQ1 2026final2026-06-07
active.judea_and_samariaUnder active construction — Judea & Samaria AreaCBS 574096quarterlyrawQ1 2026final2026-06-07
active.northernUnder active construction — NorthernCBS 574091quarterlyrawQ1 2026final2026-06-07
active.southernUnder active construction — SouthernCBS 574095quarterlyrawQ1 2026final2026-06-07
active.tel_avivUnder active construction — Tel AvivCBS 574094quarterlyrawQ1 2026final2026-06-07
boi_rate.israelBank of Israel interest rateBOI MNT_RIB_BOI_DmonthlyrawSeptember 2026——
building_input.israelPrice Index of Input in Residential BuildingCBS 200010monthlyrawJuly 2026final—
completions_annual.israelConstruction completed (annual)CBS 674280annualraw2025final2026-06-07
completions_q.centralConstruction completed — Central (quarterly)CBS 974284quarterlyrawQ1 2026final2026-06-07
completions_q.haifaConstruction completed — Haifa (quarterly)CBS 974283quarterlyrawQ1 2026final2026-06-07
completions_q.israelConstruction completed (quarterly)CBS 974280quarterlyrawQ1 2026final2026-06-07
completions_q.jerusalemConstruction completed — Jerusalem (quarterly)CBS 974281quarterlyrawQ1 2026final2026-06-07
completions_q.judea_and_samariaConstruction completed — Judea & Samaria Area (quarterly)CBS 974287quarterlyrawQ1 2026final2026-06-07
completions_q.northernConstruction completed — Northern (quarterly)CBS 974282quarterlyrawQ1 2026final2026-06-07
completions_q.southernConstruction completed — Southern (quarterly)CBS 974286quarterlyrawQ1 2026final2026-06-07
completions_q.tel_avivConstruction completed — Tel Aviv (quarterly)CBS 974285quarterlyrawQ1 2026final2026-06-07
completions_sa.israelConstruction completed (seasonally adjusted)CBS 574298monthlyseasonally adjustedMarch 2026—2026-06-07
completions.israelConstruction completed (dwellings)CBS 574280monthlyrawMarch 2026final2026-06-07
cpi_housing.israelCPI — HousingCBS 120450monthlyrawJuly 2026final—
cpi_owned_services.israelCPI — Owned dwellings' servicesCBS 120490monthlyrawJuly 2026final—
cpi_rent.israelCPI — RentCBS 120460monthlyrawJuly 2026final—
cpi.israelConsumer Price Index — GeneralCBS 120010monthlyrawJuly 2026final—
hpi_new.israelNew Dwellings Price IndexCBS 70000bimonthly overlappingrawApril–May 2026provisional—
hpi_real_yoy.israelDwellings Price Index — real year-on-year changederivedbimonthly overlappingrawApril–May 2026——
hpi.centralDwellings Price Index — CentralCBS 60300bimonthly overlappingrawApril–May 2026provisional—
hpi.haifaDwellings Price Index — HaifaCBS 60200bimonthly overlappingrawApril–May 2026provisional—
hpi.israelDwellings Price IndexCBS 40010bimonthly overlappingrawApril–May 2026provisional—
hpi.jerusalemDwellings Price Index — JerusalemCBS 60000bimonthly overlappingrawApril–May 2026provisional—
hpi.northernDwellings Price Index — NorthernCBS 60100bimonthly overlappingrawApril–May 2026provisional—
hpi.southernDwellings Price Index — SouthernCBS 60500bimonthly overlappingrawApril–May 2026provisional—
hpi.tel_avivDwellings Price Index — Tel AvivCBS 60400bimonthly overlappingrawApril–May 2026provisional—
months_supply.israelMonths of supply of new dwellings (official)CBS 574500monthlytrendJuly 2026—2026-09-02
mortgage_avg_size.israelAverage new housing loanderivedmonthlyrawFebruary 2026——
mortgage_bullet.israelBullet and balloon loans — volumeBOI BNK_99034_LR_BIR_MRTG_779monthlyrawFebruary 2026——
mortgage_count.israelNew housing loans — numberBOI BNK_99034_LR_BIR_MRTG_63monthlyrawFebruary 2026——
mortgage_investment.israelLoans for investment dwellings — volumeBOI BNK_99034_LR_BIR_MRTG_776monthlyrawFebruary 2026——
mortgage_ltv_0_30.israelLTV up to 30%BOI BNK_99034_LR_BIR_MRTG_887monthlyrawFebruary 2026——
mortgage_ltv_30_45.israelLTV 30–45%BOI BNK_99034_LR_BIR_MRTG_878monthlyrawFebruary 2026——
mortgage_ltv_45_60.israelLTV 45–60%BOI BNK_99034_LR_BIR_MRTG_869monthlyrawFebruary 2026——
mortgage_ltv_60_75.israelLTV 60–75%BOI BNK_99034_LR_BIR_MRTG_860monthlyrawFebruary 2026——
mortgage_ltv_75_90.israelLTV 75–90%BOI BNK_99034_LR_BIR_MRTG_851monthlyrawFebruary 2026——
mortgage_mix_fixed_cpi.israelFixed rate, CPI-indexedBOI BNK_99034_LR_BIR_MRTG_69monthlyrawFebruary 2026——
mortgage_mix_fixed_unindexed.israelFixed rate, non-indexedBOI BNK_99034_LR_BIR_MRTG_71monthlyrawFebruary 2026——
mortgage_mix_var_cpi.israelVariable rate, CPI-indexedBOI BNK_99034_LR_BIR_MRTG_68monthlyrawFebruary 2026——
mortgage_mix_var_unindexed.israelVariable rate, non-indexedBOI BNK_99034_LR_BIR_MRTG_70monthlyrawFebruary 2026——
mortgage_outstanding_count.israelNumber of existing housing loansBOI BNK_99034_LR_MRTG_OL_8monthlyrawJanuary 2026——
mortgage_outstanding.israelOutstanding housing credit (carrying amount)BOI BNK_99034_LR_MRTG_OL_7monthlyrawJanuary 2026——
mortgage_pti.israelAverage payment-to-income ratioBOI BNK_99034_LR_BIR_MRTG_155monthlyrawFebruary 2026——
mortgage_rate_cpi.israelInterest rate — CPI-indexedBOI BNK_99034_LR_BIR_MRTG_1485monthlyrawFebruary 2026——
mortgage_rate_fixed_unindexed.israelInterest rate — fixed, non-indexedBOI BNK_99034_LR_BIR_MRTG_467monthlyrawFebruary 2026——
mortgage_refinance.israelRefinanced (recycled) housing loans — volumeBOI BNK_99034_LR_BIR_MRTG_32monthlyrawFebruary 2026——
mortgage_subsidized.israelLoans for reduced-price (subsidized) dwellings — volumeBOI BNK_99034_LR_BIR_MRTG_14monthlyrawFebruary 2026——
mortgage_volume_sa.israelNew housing loans — volume (seasonally adjusted)BOI BNK_99034_LM_BIR_MRTG_897_SAmonthlyseasonally adjustedJuly 2026——
mortgage_volume.israelNew housing loans — volumeBOI BNK_99034_LR_BIR_MRTG_897monthlyrawFebruary 2026——
new_share.israelShare of new dwellings in total salesderivedmonthlyrawJuly 2026—2026-09-02
new_to_stock.israelNew dwellings sold as % of unsold stockderivedmonthlyrawJuly 2026—2026-09-02
permits_annual.israelDwellings in building permits (annual)CBS 674325annualraw2025final2026-06-07
permits_q.centralDwellings in building permits — Central (quarterly)CBS 953823quarterlyrawQ1 2026final2026-06-07
permits_q.haifaDwellings in building permits — Haifa (quarterly)CBS 953822quarterlyrawQ1 2026final2026-06-07
permits_q.israelDwellings in building permits (quarterly)CBS 974325quarterlyrawQ1 2026final2026-06-07
permits_q.jerusalemDwellings in building permits — Jerusalem (quarterly)CBS 953820quarterlyrawQ1 2026final2026-06-07
permits_q.judea_and_samariaDwellings in building permits — Judea & Samaria Area (quarterly)CBS 953826quarterlyrawQ1 2026final2026-06-07
permits_q.northernDwellings in building permits — Northern (quarterly)CBS 953821quarterlyrawQ1 2026final2026-06-07
permits_q.southernDwellings in building permits — Southern (quarterly)CBS 953825quarterlyrawQ1 2026final2026-06-07
permits_q.tel_avivDwellings in building permits — Tel Aviv (quarterly)CBS 953824quarterlyrawQ1 2026final2026-06-07
permits_sa.israelDwellings in building permits (seasonally adjusted)CBS 553818monthlyseasonally adjustedMarch 2026—2026-06-07
permits.israelDwellings in building permitsCBS 574325monthlyrawMarch 2026final2026-06-07
sales_existing_annual.israelSecond-hand dwellings sold (annual)CBS 574069annualraw2025provisional2026-09-02
sales_existing_sa.israelSecond-hand dwellings sold (seasonally adjusted)CBS 574065monthlyseasonally adjustedJuly 2026—2026-09-02
sales_existing.centralSecond-hand dwellings sold — CentralCBS 574073monthlyrawJuly 2026provisional2026-09-02
sales_existing.haifaSecond-hand dwellings sold — HaifaCBS 574072monthlyrawJuly 2026provisional2026-09-02
sales_existing.israelSecond-hand dwellings soldCBS 574064monthlyrawJuly 2026provisional2026-09-02
sales_existing.jerusalemSecond-hand dwellings sold — JerusalemCBS 574070monthlyrawJuly 2026provisional2026-09-02
sales_existing.judea_and_samariaSecond-hand dwellings sold — Judea & Samaria AreaCBS 574076monthlyrawJuly 2026provisional2026-09-02
sales_existing.northernSecond-hand dwellings sold — NorthernCBS 574071monthlyrawJuly 2026provisional2026-09-02
sales_existing.southernSecond-hand dwellings sold — SouthernCBS 574075monthlyrawJuly 2026provisional2026-09-02
sales_existing.tel_avivSecond-hand dwellings sold — Tel AvivCBS 574074monthlyrawJuly 2026provisional2026-09-02
sales_new_12m.israelNew dwellings sold — trailing 12 monthsderivedmonthlyrawJuly 2026—2026-09-02
sales_new_annual.israelNew dwellings sold (annual)CBS 674361annualraw2025provisional2026-09-02
sales_new_sa.israelNew dwellings sold (seasonally adjusted)CBS 574086monthlyseasonally adjustedJuly 2026—2026-09-02
sales_new_subsidized.israelGovernment-subsidized new dwellings soldCBS 574354monthlyrawJuly 2026final2026-09-02
sales_new_trend.israelNew dwellings sold (trend)CBS 574087monthlytrendJuly 2026—2026-09-02
sales_new.israelNew dwellings soldCBS 574361monthlyrawJuly 2026provisional2026-09-02
sales_total_12m.israelTotal dwellings sold — trailing 12 monthsderivedmonthlyrawJuly 2026—2026-09-02
sales_total_annual.israelTotal dwellings sold (annual)CBS 574067annualraw2025provisional2026-09-02
sales_total_sa.israelTotal dwellings sold (seasonally adjusted)CBS 574062monthlyseasonally adjustedJuly 2026—2026-09-02
sales_total_trend.israelTotal dwellings sold (trend)CBS 574063monthlytrendJuly 2026—2026-09-02
sales_total.centralTotal dwellings sold — CentralCBS 574573monthlyrawJuly 2026provisional2026-09-02
sales_total.haifaTotal dwellings sold — HaifaCBS 574572monthlyrawJuly 2026provisional2026-09-02
sales_total.israelTotal dwellings soldCBS 574061monthlyrawJuly 2026provisional2026-09-02
sales_total.jerusalemTotal dwellings sold — JerusalemCBS 574570monthlyrawJuly 2026provisional2026-09-02
sales_total.judea_and_samariaTotal dwellings sold — Judea & Samaria AreaCBS 574576monthlyrawJuly 2026provisional2026-09-02
sales_total.northernTotal dwellings sold — NorthernCBS 574571monthlyrawJuly 2026provisional2026-09-02
sales_total.southernTotal dwellings sold — SouthernCBS 574575monthlyrawJuly 2026provisional2026-09-02
sales_total.tel_avivTotal dwellings sold — Tel AvivCBS 574574monthlyrawJuly 2026provisional2026-09-02
starts_added.israelDwellings added to existing buildingsCBS 573115quarterlyrawQ1 2026final2026-06-07
starts_annual.israelConstruction begun (annual)CBS 674272annualraw2025final2026-06-07
starts_for_sale.israelConstruction begun — built for saleCBS 573000quarterlyrawQ1 2026final2026-06-07
starts_nop38.israelThereof: under NOP 38/2CBS 573114quarterlyrawQ1 2026final2026-06-07
starts_not_for_sale.israelConstruction begun — not for saleCBS 573016quarterlyrawQ1 2026final2026-06-07
starts_q.centralConstruction begun — Central (quarterly)CBS 974276quarterlyrawQ1 2026final2026-06-07
starts_q.haifaConstruction begun — Haifa (quarterly)CBS 974275quarterlyrawQ1 2026final2026-06-07
starts_q.israelConstruction begun (quarterly)CBS 974272quarterlyrawQ1 2026final2026-06-07
starts_q.jerusalemConstruction begun — Jerusalem (quarterly)CBS 974273quarterlyrawQ1 2026final2026-06-07
starts_q.judea_and_samariaConstruction begun — Judea & Samaria Area (quarterly)CBS 974279quarterlyrawQ1 2026final2026-06-07
starts_q.northernConstruction begun — Northern (quarterly)CBS 974274quarterlyrawQ1 2026final2026-06-07
starts_q.southernConstruction begun — Southern (quarterly)CBS 974278quarterlyrawQ1 2026final2026-06-07
starts_q.tel_avivConstruction begun — Tel Aviv (quarterly)CBS 974277quarterlyrawQ1 2026final2026-06-07
starts_rental.israelConstruction begun — for rentCBS 573072quarterlyrawQ1 2026final2026-06-07
starts_sa.israelConstruction begun (seasonally adjusted)CBS 574292monthlyseasonally adjustedMarch 2026—2026-06-07
starts_self_build.israelConstruction begun — self-constructionCBS 573176quarterlyrawQ1 2026final2026-06-07
starts_subsidized.israelConstruction begun — government-subsidized (for sale)CBS 573008quarterlyrawQ1 2026final2026-06-07
starts_urban_renewal.israelConstruction begun in rebuilt buildings (urban renewal)CBS 573113quarterlyrawQ1 2026final2026-06-07
starts.israelConstruction begun (dwellings)CBS 574272monthlyrawMarch 2026final2026-06-07
subsidized_share.israelGovernment-subsidized share of new dwellings soldderivedmonthlyrawJuly 2026—2026-09-02
unsold_new_sa.israelUnsold new dwellings (seasonally adjusted)CBS 574088monthlyseasonally adjustedJuly 2026—2026-09-02
unsold_new.israelUnsold new dwellings (end of period)CBS 574362monthlyrawJuly 2026provisional2026-09-02
urban_renewal_share.israelUrban-renewal share of construction begunderivedquarterlyrawQ1 2026—2026-06-07
Coverage limits
  • Average dwelling prices in shekels, prices by number of rooms and average rents are published by CBS only as quarterly Excel/PDF tables without an API; they are not included yet. Index levels are never converted into shekel prices.
  • Buyer segments (first-home buyers, investors, home improvers, non-residents) come from the Ministry of Finance Chief Economist’s PDF reviews and are not yet connected.
  • The Israel Tax Authority transaction database has no documented bulk API; no transaction-level data is scraped, so no median prices, price distributions or price per m² are shown.
  • The variable-rate non-indexed mortgage rate series in the Bank of Israel dataflow ends in January 2024 and is therefore omitted.

Statistics are reproduced from official publications of the Israel Central Bureau of Statistics (price indices API, time-series API) and the Bank of Israel. Derived metrics are labelled and their formulas shown. This page is informational only; it is not investment advice, a forecast, or an offer, and values may be revised by the sources. Mortgage averages describe loans granted system-wide, not an offer to any borrower.