House price and sale levels drop

The housing market ended the year with a drop in both the level of sales and the median sale price.

Real Estate Institute figures showed in December, 2,000 fewer homes were sold than in November.

The national median price fell $7,000 to end the year on $345,000.

Real Estate Institute president Murray Cleland sakd despite some commentators' predictions, there was no discernable erosion of property values with house prices doubling since the turn of the century.

He said there were suggestions the market may have reached a peak and was now levelling off.

- NEWSTALK ZB