REINZ figures show national house prices and sales numbers both declined in June
New Zealand's housing market experienced a decline in both sales volumes and prices during June, attributed to seasonal factors and economic uncertainty. The Real Estate Institute of NZ reported an 11% drop in sales compared to May.
Why it matters
Real estate data serves as a critical indicator of national economic health and consumer confidence in New Zealand.
The housing market is feeling the effects of a cold, wet winter, rising mortgage rates and economic uncertainties with sales numbers and prices both taking a slide in June.
According to the Real Estate Institute of NZ (REINZ), 5996 residential properties were sold by its members in June, down 11.0% compared to May and -2.9% compared to June last year.
In Auckland, the country's largest real estate market, residential sales were -13.3% compared to May and -5.6% compared to June last year.
In the rest of the country excluding Auckland, sales were -10.0% compared to May and -1.7% compared to June last year.
Prices were also weaker, with the REINZ House Price Index (HPI), which is widely regarded as the most accurate indicator of house price movements, declining by 0.9% in June compared to May, -2.4% over the three months to June and -0.8% compared to June last year.
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