New Zealand house prices up 0.2% but total sales fall: REINZ

NEW Zealand house prices rose in June and total sales dropped sharply, the Real Estate Institute of New Zealand (REINZ) said on Monday.

Seasonally adjusted median house prices rose 0.2 per cent from May, but were down 1.3 per cent from a year earlier, REINZ data showed.

Seasonally adjusted national home sales fell 11.1 per cent from May, and were down 15.1 per cent on the prior year. Unadjusted median house values fell 1.3 per cent from the previous month, according to REINZ.

“The typical winter lull, compounded by current economic conditions, has contributed to lower levels of activity in the market,” REINZ chief executive Jen Baird said in a statement. REUTERS