House prices steady in February, sales recover

House prices are staying steady across New Zealand, says latest figures from the Real Estate Institute.

Sales numbers during February recovered from their lowest level in nearly two decades, but the national median price stayed at $350,000, the same as the month before.

Real Estate Institute of New Zealand President Peter McDonald said it was "pleasing to see residential property sales turnover return to normal levels" for a February at 5029.

"Agents report an air of caution amongst buyers, most of whom are genuine home seekers as opposed to investors, and this is reflected in the increase to 46 in the median days taken to sell a listed dwelling," he said.

The REINZ Monthly Housing Price Index - a more accurate measure of nationwide real estate movements, increased by 0.4 per cent to 3214.8 in February.

To read the full NZ Herald article, click here

Posted: 12 Mar 2010

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