Real estate statistics
Clear turnaround yet to be seen in the property market
15 Apr 2025
Our take on the latest Real estate statistics (Tue 15 Apr 2025)
House sales down 2.5% from February (sa)
House prices down 0.3% from February (sa)
Stock of properties for sale up 0.5% from February (sa)
The key numbers...
- House sales in March fell 2.5% from February (based on Infometrics seasonal adjustment), although they were 13% higher than in March 2024.
- House prices fell 0.3% in March from February (seasonally adjusted), and prices were lower than a year ago for the eighth consecutive month. The 0.7% annual decline was the smallest in six months, but it is largely a function of an unusually weak March 2024 result.
- House prices declined from February across all regions except Southland, Manawatū-Whanganui, and Hawke’s Bay. Southland has seen three consecutive monthly rises and is the only region where house prices are sitting at new all-time high, up 2.2% from their early-2022 peak.
- We are yet to see a real turning point in the stock of properties available for sale. The peak in this cycle appeared in October 2024, but stocks in March sat just 1.6% below this level, at just under 33,000. New listing numbers have shown little sign of, fluctuating between 8,400 and 10,100 per month since the start of last year, excluding a blip in December 2024 (all figures seasonally adjusted).
House prices fall as market trends still unclear
REINZ house Price index, monthly % changes (seasonally adjusted)
...and our reaction
- House sales fell following two consecutive monthly rises, making market momentum hard to gauge. The median length of time to sell a house fell slightly, down by two days to 45, but it has remained at or above 45 days since June last year (seasonally adjusted).
- House prices continue to sit well off their 2021/22 highs, with national prices 15% below peak. Wellington leads the regional falls, down 25%, followed by Auckland (down 21%) and Manawatū-Whanganui (down 17%).
- Analysts have been scaling back their forecast house prices rise for 2025. Our updated forecasts, which will be released on Thursday 17 April, include slower house price growth this year, with elevated stock levels and uncertainty about the economy expected to limit the pick-up in property values.
- The Reserve Bank cut the official cash rate (OCR) by 25 basis points to 3.5% last week, and stated there was scope to lower the OCR further as appropriate, given the uncertainty created by the current tariff policies. Additional cuts to the OCR could open the door to faster house price growth later in 2025, but this positive effect is likely to be outweighed by economic uncertainty caused by the emerging trade war.
Latest updates
Premium
Real estate statistics
House sales and prices still falling
Thu 13 Aug 2026
Monthly
10%pa House sales in July 20260.4%pa House prices from a year earlier
9.3%pa Stock of homes for sale in July 2026Premium
Real estate statistics
Conflict continues to drag on housing market in June
Wed 15 Jul 2026
Monthly
8.8% House sales between Feb and Jun 2026 (seas adj)0.8% House prices since February (seas adj)4.8% Stock of homes for sale since February (seas adj)Real estate statistics
House buyers dry up ahead of interest rate rises
Mon 15 Jun 2026
Monthly
13%pa House sales in May 20260.6%pa House prices from May 2025
Stock of homes for sale at an 11-year highReal estate statistics
House prices and sales fall
Thu 14 May 2026
Monthly
7.9%pa House sales in Apr 20260.5% House prices from Mar 2026 (sa)1.2% Stock of homes for sale since Feb 2026 (sa)