REINZ chief executive Jen Baird said the numbers suggested some market stability, with increased enquiries from buyers and sellers. Photo: REINZ
The housing market remains subdued, with little change in prices and sales volumes.
The seasonally adjusted REINZ House Price Index fell 0.4 percent in August over July, with national prices still marginally lower than a year ago and a median price of $765,000.
REINZ chief executive Jen Baird said the numbers suggested some market stability, with increased enquiries from buyers and sellers.
"This month, we saw further signs of a change in market sentiment, with local agents reporting increased confidence in vendors and purchasers, the return of investors, and increased activity, particularly at open homes over the last two weeks of August," she said.
"Despite a marginal 0.6 percent - $5000 - decrease in national median prices year-on-year, we're seeing prices hold steady with a 1.3 percent increase month-on-month."
The total number of properties sold nationally fell slightly by 0.7 percent on the year earlier, or 5.1 percent month-on-month.
Eight regions saw an increase in sales last month on the year year earlier, with the most significant in Northland (+22.7 percent), Hawke's Bay (+21.6 percent) and Bay of Plenty (+16.2 percent).
"However, it would be an overstatement to say that we are at a turning point in the market - we merely have our indicators on," she said.
"There is an expectation that rates will fall further towards the end of this year, providing the much-needed relief to property owners and those in the position to buy, which may increase sales volumes nationwide."