The Auckland housing market is on a weak footing as it heads into winter, with sales in the region hitting their lowest level for the month of May since 2010, according to the the latest data from the Real Estate Institute of NZ.
The REINZ recorded 1925 sales in Auckland in May, down 22% [corrected from 7.8% in the first version of this article] compared to 2462 sales in May last year.
Across the rest of the country the decline in sales was more modest, with May sales in all regions except Auckland down just 1.4% compared to May last year.
Price movements were also relatively modest.
In Auckland, the median price rose from $850,000 in April to $860,000 in May, and has remained within the range of $805,000 to $880,000 since April 2017 (see median price chart below).
The national median price was $578,000 in May, down for the second month in a row from the record high of $585,000 achieved in March.
Outside of Auckland the regions with the biggest declines in sales in May compared to May last year were West Coast -32.3% which was the lowest for the month of May in three years, Manawatu/Whanganui -13.1% and the lowest for the month of May in four years, and Canterbury -6.2% which was also the lowest for the month of May in four years.
However three regions recorded strong growth in sales in May compared to a year earlier - Tasman +19.7%, Taranaki +7.3% and Waikato +6.1%.
The number of homes being sold by auction is also declining.
The REINZ said auctions accounted for 10.4% of all sales throughout the country in May, down from 12.8% in May last year.
However in Auckland auctions accounted 18.2% of all sales in May, down from 20.7% in May last year.
The latest figures suggest buyers will have a stronger hand in negotiations over winter, because while sales volumes were down in May compared to a year ago, the total number of homes available for sale rose.
The REINZ said 25,895 residential properties were available for sale throughout the country in May, up 5.8% compared to a year ago.
The interactive charts below track the monthly median selling prices and sales volumes for all regions.
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