New Zealand house prices dip in October, sales activity steadily improving -REINZ By Reuters

© Reuters. Residential homes will be seen alongside a highway in a suburb of Auckland in New Zealand, June 24, 2017. Image taken June 24, 2017. REUTERS/David Grey/File Photograph

By Lucy Craymer

WELLINGTON (Reuters) – New Zealand home costs fell barely in October however gross sales exercise is exhibiting a gradual enchancment on 2022, the Actual Property Institute of New Zealand (REINZ) stated on Thursday.

Seasonally adjusted median home costs fell 0.9% in October in contrast with September, and had been down 2.8% from a yr earlier, REINZ knowledge confirmed.

Seasonally adjusted nationwide dwelling gross sales volumes fell 10.7% from September however had been up 4.0% from October 2022.

REINZ Chief Govt Jen Baird stated in an announcement the growing variety of listings coming to market is exhibiting a gradual, however marked, enchancment to the previous yr, and a renewed confidence from distributors seeking to promote with extra certainty now the Oct. 14 election is finished.

“Many distributors and consumers are exhibiting confidence that it’s a greater time to promote now and an excellent time to purchase,” she stated.