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House prices in New Zealand rose sharply in October while the number of sales declined, according to a report issued Friday by the Real Estate Institute of New Zealand.
REINZ said the median house price increased nearly 6 percent from one year ago to NZ$355,000, its highest level ever, having surpassed the previous high of NZ$352,000 set in November 2007.
The median price was NZ$5,000 higher than in September.
REINZ said there were 6,091 properties sold last month, down from the September figure of 6,464 but above the 4,469 recorded in October 2008.
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