National median sale price rises to $790,000 in sluggish housing market

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Sales figures are still below long-term averages in many regions, the Real Estate Institute says.
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The housing market remains subdued with the number of sales down, despite an increase in available stock and new listings.

The Real Estate Institute house price index fell 0.8 percent last month over March, but rose 2.8 percent on the year earlier.

REINZ chief executive Jen Baird said the total number of properties sold fell more than 17 percent last month, but was up by a quarter on the year earlier.

She said sales activity lifted in 15 of 16 regions, compared with April 2023. Ten of those regions recorded increases of over 20 percent, with Marlborough recording a 46 percent increase – the highest year-on-year lift in sales.

“However, sales figures are still below long-term averages in many regions,” Baird said.

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Housing market: Surplus of listings and a lack of urgency

The median number of days to sell fell three days to 43, compared with 2023.

The national median sale price increased by 1.3 percent year-on-year to $790,000 from $780,000, but fell 1.3 percent over the month before to $790,000 from $800,000 in March.

“The median national sale price has now increased year-on-year for the third consecutive month, and sales are picking up as well,” Baird said.

“There are vendors who will need to sell and don’t want to wait any more and these vendors will need to set realistic expectations, both for price and the time needed to sell their property.”

The national number of listings rose 35 percent year-on-year to 9636, building on increases from the start of 2024.

“Activity is picking up for the housing market as we move into autumn, with sales lifting and more choices for buyers. However, the likelihood of interest rates staying at these elevated levels for a while and more talk of job losses continues to lead to caution among some buyers,” she said.

“There seems to be plenty of buyer interest, with many seeing the current price levels as attractive, but some are taking their time before making a decision.

“Similarly, some vendors are selling now and are open to meeting the market with their pricing, while others prefer to wait.”