Housing market stabilising as volumes rebound, median edges up, REINZ says

House sales volumes were up nearly 40% in April from a year ago and the median house price rose slightly in April from March, suggesting the housing market had stabilised, the Real Estate Institute of New Zealand (REINZ) said on Tuesday.

House sales volumes were up nearly 40% in April from a year ago and the median house price rose slightly in April from March, suggesting the housing market had stabilised, the Real Estate Institute of New Zealand (REINZ) said on Tuesday.

There were 6,210 homes sold in New Zealand in April, up 39.5% from a year ago, REINZ reported, The median sale price in the month was NZ$340,000, up from NZ$335,000 in March and down 1.44% from a year ago. It is down from the November 2007 peak of NZ$352,000.

The number of sales showed the traditional April fall, down from sales March of 6,694. April sales were up from 4,450 in April 2008, but down from 8,194 in 2007. The median price was down from NZ$345,000 in 2008 and NZ$349,000 in 2007. However, the median price was at least NZ$35,000 higher than pre-2007 years.

“(T)he figures reinforce a certain level of stability in relation to price and turnover, and are pleasing particularly as April is traditionally a slower month due to school holidays and seasonal adjustments,” REINZ President Mike Elford said.

“The figures are not hugely significant, but enough to generate a degree of optimism about the way forward from here,” Elford said.

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Posted: 12 May 2009

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