New Zealand's Residential Market Steady In August

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Monday, a report from the Real Estate Institute of New Zealand showed that median house price in August was NZ$346,750, up from NZ$340,000 in July, and NZ$330,000 in August 2008.

A total of 5,878 homes were sold nationally in August compared to the 6,014 homes sold in July. The figure is well up on the 4,220 homes sold in the same month of the previous year.

"It is early days yet, and we still need to be cautious in drawing conclusions from these trends", REINZ President Mike Elford said. "I hope we will see more improvements as is typical going into the spring months".

In another positive sign of recovery in the housing market, the median number of days to sell a house nationally fell to 34 in August compared to 55 in the year-ago period.

(Market News Provided by RTTNews)