The number of residential property sales last month was the lowest for a July month in a decade, latest Real Estate Institute of New Zealand (REINZ) sales show.Nationwide sales slipped from 4575 in June to 4411 last month, the lowest July total in 10 year
The number of residential property sales last month was the lowest for a July month in a decade, latest Real Estate Institute of New Zealand (REINZ) sales show.
Nationwide sales slipped from 4575 in June to 4411 last month, the lowest July total in 10 years but higher than the record low of only 3666 sales last January.
The national median price for July was $349,000, down from $352,500 in June but 2.6 percent up on the $340,000 in July 2008 and 2009.
As measured by the REINZ monthly housing price index, nationwide prices fell by 1.2 percent in July from June. In the three months to July, the index shows housing prices down by 1.1 percent.
Compared to 12 months earlier, the REINZ index -- basically an average of sale prices for common groups -- was up 1.8 percent.
In Christchurch prices were up 7.4 percent on a year earlier, Auckland was up 1.7 percent, Wellington up 1.1 percent and other North Island suburbs up 2.2 percent. Prices in South Island suburbs other than Christchurch were down 2.7 percent from July 2009.
REINZ spokesman Peter Thompson said the pattern was similar to last month with sales volumes down but prices remaining stable, contradicting predictions of a falling market.
"Good sales are still being made and properties priced right are attracting a lot of attention and are selling," Mr Thompson said.
The national median number of days to sell was 45 for July, the same as in June but more than the 37 days of July 2009 and better than the 58 days in July 2008.
Winter was traditionally a slow period for the property market, and agents were aware of many home owners preparing their properties for marketing in the spring, so an increase in sales volumes could be expected, Mr Thompson said.
In Auckland the median price was $450,000, up from $445,000 in June and from $440,000 a year ago. The 1505 sales in the region was down from 1645 in June and from 2024 in July 2009.
