New Zealand January House Sales At Record Low

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The Real Estate Institute of New Zealand announced on Friday that total house sales in New Zealand plummeted last month to their lowest level in nearly two decades.

A total of 3,666 homes were sold in the country in January - the lowest monthly total since records began in 1992 and only the second time the total figure had dipped under 4,000.

"Activity in the residential property market was quiet last month on the back of uncertainty over what actions the government intended to take on the recently announced tax working group recommendations," said REINZ president Peter McDonald.

Meanwhile, the institute's house price index slumped 1.6% month-on-month in January. On a yearly basis, the house price index increased by 6.9%.

Median house prices in New Zealand stood at NZ$350,000 in January, down from NZ$360,000 a month ago. Central Otago / Lakes was the only region to experience a drop in median prices while the largest gains were recorded in Otago, Taranaki and Canterbury / Westland.

The Real Estate Institute of New Zealand announced on Friday that total house sales in New Zealand plummeted last month to their lowest level in nearly two decades. (Market News Provided by RTTNews)