Our take on the latest Real estate statistics (Mon 16 Feb 2026)
House sales
House prices
Stock of homes for sale
8.9%
0.7%
From Dec 2025 (sa)
From Jan 2025
Still near 10-year highs
The key numbers...
- House sales volumes in January were at their lowest level in 18 months, falling 8.9% from December (seasonally adjusted) and 5.4% from January 2025.
- The fall in sales was felt across the country, with a 6.7%pa decline across the South Island and a 6.9%pa drop across the North Island excluding Auckland, while Auckland’s sales volumes fell by 1.2%pa. Only Taranaki, Northland, Otago, and Wellington recorded an increase in sales from January 2025.
- Weakness in house prices continued as well, with a 0.1% seasonally adjusted fall from December meaning prices were down 0.7% from a year earlier.
- The number of new listings in January was the second highest for any month since the end of 2021. Although the stock of property for sale fell slightly for the third consecutive month, it is only 1.2% below October 2025’s 10-year high.
...and our reaction
- The housing market continues to struggle, despite the significant falls in mortgage rates during 2024 and 2025. Weak population growth, the soft labour market, sluggish consumer confidence, difficult affordability conditions, and low rental yields are all constraining demand for housing.
- The fact that, even in the South Island, activity levels are coming under pressure, suggests that a stronger economy might not translate into a housing market recovery.
- Poor summer weather might also have contributed to the housing market’s weak start to 2026, with February’s weather not feeling any better.
- In recent weeks, other forecasters have continued to revise down their expectations of house price growth for this year, although our prediction of a 0.7% rise during 2026 is still at the bottom of the forecast range.
Latest updates
Premium
Real 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)Premium
Real estate statistics
Housing market in a holding pattern
Thu 16 Apr 2026
Monthly
+0.2% House prices from Mar 2025-0.1% House sales from Mar 2025+0.2% Stock of homes for sale from Feb 2026 (sa)Real estate statistics
House prices stabilise, for now
Mon 16 Mar 2026
Monthly
0.7% House prices from Jan 2026 (sa)0.3% House sales from Feb 20252.3% Stock of houses for sale since Oct 2025 (sa)