August house sales slump to near 2008 trough
The number of sale tumbled to 4,287 from 4,411 in July, and was down 27% year-on-year, according to Real Estate Institute data. That's just 67 sales more than its trough in August 2008, though still ahead of the record-low 3,666 sales in January. The median sale price rose 0.3% to $350,000 in August, and was up 0.9% from the same month in 2009.
"These sales are almost identical to what REINZ reported during 2008 when the market was at its worst in the midst of the global financial crisis," said spokesman Bryan Thomson.
"Our current market appears slower than conditions indicate it should be."
The REINZ data follows State-owned valuer QV Valuations release last week showing property values were still on the decline last month, with sellers accepting they will have to have houses on the market for longer than an in the past.
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