Our take on the latest Real estate statistics (Tue 14 May 2024)
House prices down 0.1% in April from March (sa)
House sales down 4.8% from March (sa)
Stock of properties for sale continues to rise
The key numbers...
- House prices remained relatively unchanged in April 2024, edging down just 0.1% (sa) from March.
- Prices were weaker in the North Island, with all regions declining between 0.1 to 3.3% month-on-month aside from Northland and Waikato regions, which saw 0.2% and 0.7% rises respectively.
- House sales continued to stabilise after the large 12% (sa) jump in February, edging down 4.8% from March.
- New listing numbers rose for the seventh consecutive month, up 35%pa from a year ago and holding at elevated levels. The stock of properties for sale reached a new eight-year high in March and edged up further in April.
Stock of properties for sale on the rise
New Zealand based listings on realestate.co.nz, seasonally adjusted
...and our reaction
- Monthly sales volumes declined to 5,600 in April from 5,900 in March, after bouncing back from just 5,200 in the first month of the year (all figures seasonally adjusted). Sales numbers continue to be constrained by high mortgage rates, depressing the number of potential buyers looking in the marketplace.
- Although monthly sales volumes are down, overall sales levels remain above those seen in the early part of 2023. National sales volumes are 25% higher than in April 2023, with this trend being evident in all regions except for the West Coast, which is down 5.3%.
- The stagnation in prices reflects less competition between buyers as the number of houses on the market continues to rise. The average length of time on the market remained steady, down 6.5% from this time last year, suggesting that some sellers are adjusting to reduced prices from the smaller pool of buyers.
- Sales remaining broadly steady over the past three months and the latest slight decline in house prices reinforce our view that house price inflation will remain subdued throughout the remainder of 2024. High mortgage rates continuing will limit the number of buyers looking for properties and pressures on the wallets of current homeowners will continue to keep housing stock for sale elevated.
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