Real estate statistics
Stock of properties for sale remains elevated as sales edge down
17 Jun 2024
Our take on the latest Real estate statistics (Mon 17 Jun 2024)
House prices down 0.5% in May from April (sa)
House sales down 4.9% from April (sa)
Stock of properties for sale continues to rise
The key numbers...
- House prices were down 0.5% between April and May (sa), which saw annual price growth slow from 2.9% to 2.3%pa.
- Prices fell by as much as 3.4% on a regional basis from April, with only Gisborne and Nelson recording a lift in prices from the previous month (up 0.8 and 0.6% respectively, sa).
- House sales fell for the second consecutive month after the large 12% (sa) jump in February, edging down 4.9% from April (sa).
- New listing numbers edged by 4.0% (sa) from April, although levels remain elevated compared to May 2023, up 25%. The stock of properties for sale reached its highest level on a seasonally adjusted basis since August 2014.
Stock of properties for sale continues to rise
New Zealand based listings on realestate.co.nz, seasonally adjusted
...and our reaction
- Monthly sales volumes declined to 5,500 in May from 5,800 in April, after three consecutive months of sales above 5,800 (all figures seasonally adjusted). High mortgage rates continue to constrain the number of potential buyers looking for properties, restricting sale numbers.
- Although monthly sales volumes are down, overall sales levels remain above those seen in early 2023. National sales volumes are 6.8% higher than in May 2023, although this trend is not being repeated across all regions, with volumes down in Tasman (26%), Marlborough (21%) and Otago (11%).
- The average length of time on the market fell for the tenth consecutive month compared to a year earlier, down 10% from May 2023. This trend continues to indicate that there is one pool of properties turning over as sellers settle for lower prices, and another pool of properties that are not selling because of unrealistic price expectations.
- The latest slight decline in sales and the stock of properties for sale remaining high aligns with our expectations that house price inflation will remain subdued throughout the remainder of 2024. With the latest OCR announcement indicating that an interest rate cut may not occur until mid-2025, and with cost-of-living pressures hampering households’ ability to save for a deposit, the stock of housing available for sale will remain high.
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