WELLINGTON – Compounding factors are influencing a decrease in house prices and sales activity in New Zealand, the Real Estate Institute of New Zealand (REINZ) said on Tuesday.
Median nationwide house values were down 2.2% in January compared to the previous month, according to REINZ.
Seasonally adjusted nationwide median house prices ticked up slightly to 1.4% in January from December and were up 20.3% year on year, according to REINZ.
The number of residential property sales decreased 28.6% in January, from 5,135 in January 2021 to 3,665.
(Reporting by Praveen Menon; editing by xxxx)