Steam still coming out of house sales
Real Estate Institute of New Zealand (REINZ) figures released this morning show that although seasonally adjusted sales were up 7.1% month on month at 5,029 in February, year on year sales were down 3.8% and remain historically low, while the seasonally adjusted number of days to sell a home rose from 36 in January to 39 last month.
"The steady climb in days to sell from October's lows suggests the balance between supply and demand is returning to normal, following a period of under-supply through spring," said ASB economist Jane Turner.
The REINZ monthly national housing price index fell 1.1%, seasonally adjusted, in February.
With increased listings and fears over tax changes on investment properties, "the lift in supply should reduce pressure in the market and house prices are likely to ease over 2010 following surprisingly strong gains in 2009," REINZ president Peter McDonald said.
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