The real estate industry is hailing "a late spring surge" in the residential property market that lifted sales numbers above 5000 in November, and the national median price to $360,000.From just 3903 transactions in October, total dwelling sales
The real estate industry is hailing "a late spring surge" in the residential property market that lifted sales numbers above 5000 in November, and the national median price to $360,000.
From just 3903 transactions in October, total dwelling sales rose to 5138 in November, having been below 5000 for the previous five months, the Real Estate Industry of New Zealand (REINZ) said today.
But the increase in sales had been off a low base and was less than the 6056 sales in November 2009 though more than the 4279 sales in November 2008. It was also well under figures from 2002 and 2006, when more than 9000 homes were sold each November during the five-year period.
The national median price rose from $350,000 in October to $360,000 last month, which was also an increase on the November 2009 median price of $355,000, REINZ said.
It almost matched the record national median price of $360,500 recorded in March 2010.
The national median number of days to sell had shortened to 40 from 41 in October and 43 in September and August. It was up from the 33 days in November 2009 but better than the 44 days the year before.
REINZ spokesman Bryan Thomson said indications of a strong rise in listings noted at the beginning of last month had led to a late flush of spring activity.
"With sellers coming to terms with current market prices and buyers reassured about the long term stability of interest rates, confirmed last week by the Reserve Bank Governor, we can look forward to more positive levels of real estate market activity than we have seen over the past six or eight months," he said.
The REINZ monthly housing price index rose 1.9 percent in November, although house prices were down 0.5 percent in the three months to November.
Compared to 12 months earlier, the index fell by 1.9 percent, while housing prices were 4.7 percent below their November 2007 peak, REINZ said.
The index is basically an average of sale prices for common groups.
