Our take on the latest Real estate statistics (Tue 17 Jun 2025)
House prices unchanged from April (sa)
House sales down 5.6% from April (sa)
Stock of properties for sale up 0.9% from April (sa)
The key numbers...
- House sales fell 5.6% in May from April (based on Infometrics seasonal adjustment), but they were still 8.9% higher than in May 2024. The month-on-month decline reverses a revised up 4.3% rise in April.
- House prices were unchanged in May from April (seasonally adjusted) but were higher than a year ago for the first time since July 2024, up 0.1%pa. The annual rise comes despite no change from April, due to a notable 0.4% month-on-month decline in May 2024 (seasonally adjusted).
- House price trends across the regions remain mixed. Auckland (-0.4%pa) and Wellington (-3.1%pa) saw their smallest annual declines since June and October 2024 respectively. Canterbury continues to outperform the other main centres, with prices up by 2.0%pa, recording its fastest annual growth since October 2024.
- The stock of properties available for sale rose 0.9% from April, largely reversing the 1.0% fall in the month prior. New listings rose 8.2% from April, after a similar 8.7% fall in the month prior, making the previous falls in both stocks and new listings appear more like a blip than a change in trend (all figures seasonally adjusted).
House prices up a narrow 0.1%pa
REINZ House Price Index, annual % change
...and our reaction
- We are likely to continue seeing positive annual house price growth in the near term. However, this positive annual growth might not necessarily be due to material changes to house price levels in coming months, but instead as a result of month-on-month falls in prices between March and August last year.
- The median length of time to sell fell in both March and April but rose 6.3% in May. At 46 days, the median length of time to sell remains volatile, but well below the peak of 50 days in September 2024 (all figures seasonally adjusted).
- The labour market is forecast to turn in coming months, with unemployment expected to ease over the second half of the year. This shift could see new listing numbers slow from current high levels, as mortgage holders gain more assurance in the security of their jobs.
- The Reserve Bank cut the official cash rate by 25 basis points to 3.25% last month. As we near the end of the easing cycle, with an expected trough in the official cash rate of 3.00% or 2.75%, potential buyers should continue to be encouraged back into the market.
Latest updates
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