House sales at lowest since 1992, says REINZ

The housing slump continues to deepen with the Real Estate Institute (REINZ) reporting that the number of residential property sales in January reached their lowest monthly level since 1992.

The national median last month of $325,000 was down 4.4 per cent from $340,000 a year earlier. The latest figure was also below the $327,000 median in January 2007.

REINZ president Mike Elford said well priced properties coming on the market were selling and holding their value to a "reasonable degree".

"Of greater concern is not the price of houses, but the very limited turnover," he said.

The 3706 home sales nationwide in January were significantly down on the 5186 in January 2008, and also down on the 4302 in December.

"This is the lowest figure we have seen in recent years by quite some margin," said Elford.

Before 2008 the lowest turnover was in January 1992 when 4427 houses were sold.

To read the full NZ Herald story click here

Posted: 13 Feb 2009

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