Housing market stumbles in October as sales slump and prices stagnate
New Zealand's housing market experienced a slump in October, with sales volumes dropping significantly compared to the previous year. Median house prices also saw a decline, reflecting a cautious market environment.
Why it matters
The cooling housing market in New Zealand serves as an economic indicator of buyer sentiment and broader financial stability in the region.
The housing market was a tough place for sellers in October, with sales volumes down almost a quarter year-on-year, according to the Real Estate Institute of New Zealand (REINZ).
The REINZ recorded 5840 residential property sales in October, down 23.5% compared to October last year.
October is usually a month when housing sales start picking up as the market heads into the summer selling season, but not this year, with October's sales down 2% compared to September.
On a seasonally adjusted basis, October sales were down 10.3% compared to September.
The situation was even tougher for sellers in Auckland, the country's largest housing market, where October's sales were down 30% on an annual basis, and 7.3% lower than September's, or down 8.7% when seasonally adjusted.
Perhaps unsurprisingly given the subdued market conditions, prices were also softer.
The REINZ's national median selling price was $763,000 in October, down 3.4% year-on-year.
Also covering this story
One other newsroom covered this event. We read that version too.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in