House prices, sales fall in July

Photo / Greg Bowker

Fewer homes sold during July, and prices fell by an average $15,000 as the market took a "mid-winter breather".

The Real Estate Institute of New Zealand (REINZ) has reported there were 4928 properties sold in July, which was down 5.8 per cent or 301 from June but up from 4411 in July a year ago.

REINZ said the median price fell 4.2 per cent to $345,000 in July from $360,000 in June and was down from NZ$349,000 in July a year ago.

REINZ said the fall in July sales was a slightly larger decline in the seasonal pattern than is normal at this time of the year, although it described the fall as a "mid-winter breather."

However REINZ Spokesperson Philip Searle said the headline drop in the number of sales masked some sizeable changes at a regional level for the month of July.

Canterbury/Westland recorded an increase of 128 sales, reflecting increased certainty for homeowners following the Government's announcements about the red zone during June.

Hawkes Bay also recorded an 18.8 per cent increase in sales. In contrast Taranaki recorded a drop of 23.1 per cent and Auckland a drop of 14.2 per cent in July.

- NZ HERALD ONLINE / INTEREST.CO.NZ