Our take on the latest Real estate statistics (Thu 16 Apr 2026)
House prices
House sales
Stock of homes for sale
+0.2%-0.1%+0.2%From Mar 2025
From Mar 2025
From Feb 2026 (sa)
The key numbers...
- House prices were unchanged between February and March (according to Infometrics seasonal adjustment), but that result was enough to push annual house price growth back into positive territory for the first time since October last year.
- House sales activity continues to be variable on a month-to-month basis, with March’s 4.2% seasonally adjusted decrease in sales from February the continuation of six months of alternating rises and falls. However, sales were steady when compared with a year earlier (down just 0.1% from March 2025), and the annual sales total has held in the 79,000-81,000 range since September last year.
- Following four months of falls, there was a small increase in the stock of properties for sale in March. Although there are another couple of months before buyer activity drops away for winter, stock levels are at their highest for this time of year since 2015.
- Annual house price growth remains positive in every South Island region, with Southland (7.9%pa), Canterbury (3.7%pa), and Otago (3.6%pa) leading the way. In contrast, annual price growth across six of the nine North Island regions is negative.
...and our reaction
- The housing market tracked sideways in March, with no clear direction in sales, prices, or the stock of properties for sale.
- Given that REINZ’s data is based on sales going unconditional, it is likely that this holding pattern largely reflects economic conditions prior to the Iran War, when the economy’s patchy recovery had yet to really gain more widespread momentum.
- In general, uncertainty generated by the Iran War and the conflict’s dampening effect on the anticipated economic recovery are likely to weigh on the housing market in coming months.
- We anticipate that sharply higher fuel costs could start to weaken buyer activity over the next couple of months, as buyers adjust their budgets to increased transport costs and the potential for higher mortgage rates going forward. However, with interest rates looking increasingly likely to rise, we could also see more buyers purchasing during autumn and locking in lower fixed mortgage rates before the Reserve Bank starts to tighten monetary conditions.
Latest updates
Premium
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 highPremium
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)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 2025
2.3% Stock of houses for sale since Oct 2025 (sa)