New Zealand House Prices, Sales Fall on Month in October

New Zealand House Prices, Sales Fall on Month in October

New Zealand House Prices, Sales Fall on Month in October

The FINANCIAL -- New Zealand's house prices and sales fell in October from the previous month, dragged down by weaker demand in Auckland, though prices and sales rose from a year ago, according to Nasdaq.

The national median home price was 460,000 New Zealand dollars (US$300,750) in October, down 5.1% from September but up 7.0% from a year earlier, data from the Real Estate Institute of New Zealand showed on November 10.

Actual home sales totaled 7,838 dwellings, down 4.1% compared with September but up 18.6% compared with a year ago.

REINZ Chief Executive Colleen Milne said the fall in sales in New Zealand's largest city of Auckland was a result of softening demand stemming from new tax and bank lending rules.

"However, the fundamental supply and demand drivers of the Auckland market remain in place, and the result for October is indicative of the market adjustment phase as it adapts to these new requirements."