House sales still in soft patch
Seasonally adjusted turnover rose 0.9% last month from February, though it was down 8% from March 2009. In actual terms, total residential house sales climbed 23% to 6,161 last month from February, though they were down 8% compared to March 2009, according to REINZ figures released today.
"The soft patch for housing turnover continues, with the latest REINZ turnover figures showing little recovery after falling sharply at the start of the year," said Chris Tennent-Brown, economist at Commonwealth Bank of Australia.
That "remains well below average, and well down on year-ago levels when super-low interest rates were providing a spur for the housing market as the economy came out of recession".
Still, prices were resilient, as were the number of days taken to sell, Tennent-Brown said.
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