Winter chill cuts house-price hopes

House prices are falling as sellers meet the winter market, says a report on the state of the sector.

Realestate.co.nz, one of the country's biggest websites which is half-owned by the Real Estate Institute, said sellers were lowering their price expectations.

It noted a 4 per cent fall in asking price expectations from new listings last month.

"Sellers are aware of the state of the market and price accordingly," the report said.

The site collects data from many of the big real estate firms and found a large number of unsold houses on the market.

Last month, 11,733 houses were listed nationally, down 4 per cent on April.

New Zealand now has 51,980 houses listed for sale, the website found. That ais the equivalent of about 47 weeks of unsold stock and the inventory has been rising steadily in the past 11 months.

To read the full NZ Herald article, click here

Posted: 2 Jun 2010

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