The residential property market remained subdued in August with sales numbers falling to 4287 from 4411 in July, new Real Estate Institute of New Zealand figures show.Last month's numbers were down from 5878 in August 2009, but were slightly ahead of the
The residential property market remained subdued in August with sales numbers falling to 4287 from 4411 in July, new Real Estate Institute of New Zealand figures show.
Last month's numbers were down from 5878 in August 2009, but were slightly ahead of the 4220 in August 2008.
The median price edged up $1000 last month from July to $350,000. That was also up from $346,750 in August 2009, and $20,000 above the level of August 2008.
The average number of days it took to sell a property was 43 last month, down from 45 in July, up on the 34 in August 2009 but down on the 55 a year before that.
REINZ spokesman Bryan Thomson said the days to sell statistics, in particular, suggested underlying market demand in some locations was being frustrated by potential sellers holding off from listing their properties for sale.
"Compared to 2008 our current market appears slower than conditions indicate it should be.
"So the impact of spring weather and the expected flush of new listings soon will bring an interesting period in which we can gauge a more accurate measure of the market for the rest of the year," Mr Thomson said.
REINZ's monthly housing price index rose 0.3 percent in August, while in the three months to August, housing prices fell 1.2 percent.
Compared to a year earlier, the housing index was up 0.9 percent, with housing prices were 5.3 percent below their November 2007 peak, REINZ said.
