Houses selling faster as prices drop

Navigation for News Categories

Photo: 123rf

House sales are picking up, with prices dropping in August, compared to the same time last year.

The Real Estate Institute (REINZ) said there was a rise in sales numbers and a drop in the number of days it takes to make a sale.

The total number of properties sold rose 9.2 percent to 5,509 last month compared to the year earlier, and was up 9.2 percent on July.

REINZ’s house price index for August was down 4.7 percent on the year earlier, but up 0.9 percent from July .

The August median sale price fell 4.1 percent from last year from $800,000 to $767,000.

“Higher interest rates and ongoing cost of living pressures continue to impact the market ahead of the looming election,” REINZ chief executive Jen Baird said.

“There is a sense across the country that the market has seen the bottom both in terms of prices and sales volumes, but we are all waiting to see how long it will take to see growth re-emerge.”

The number of new market listings was down 0.6 percent from last August, though it was up 21 percent from July.

Baird said this indicated an improvement in sellers’ confidence.

“We saw steady activity this month with increased sales counts both compared to August 2022 and last month,” she said.

“And we can expect a more normal spring ahead for the property market.”