The number of residential property sales slumped in June but prices were up slightly overall, according to the Real Estate Institute of NZ.
Just 4721 residential properties were sold throughout the country, down 17.3% compared to the 5707 that were sold in May, and down 38.1% compared to the 7629 properties sold in June last year.
Compared to pre-pandemic levels in June 2019, last month's sales were 23.7% lower.
However, while the market may have been quiet, prices were up slightly, although there were significant regional differences.
The national median selling price increased slightly to $850,000 in June from $840,000 in May, although it remained below its November 2021 peak of $920,143.
Around the country, June's median selling price was down compared to May in eight regions and up in five. The biggest decline occurred on the West Coast where the median price declined by $100,000 from May to June, see the table below for the monthly movements in the regional median prices.
Significantly, June's median price was lower than it was in June last year in four regions - Wellington -4.2%, Hawke's Bay -1.4%, Manawatu/Whanganui -1.1% and Taranaki -0.2%, meaning selling prices in those regions are now in decline on an annual basis.
It is also taking almost two weeks longer to sell a home than it was at this time last year, with the median days to sell up by 13 days to 44, compared to 31 days to sell in June last year.
"We're seeing volatility across the country as the market seeks equilibrium at a more moderate pace," REINZ Chief Executive Jen Baird said.
"Housing affordability remains an issue for many buyers.
"Paired with tighter lending restrictions, higher interest rates and concerns over inflation, were are seeing hesitancy amongst buyers.
"As the market stabilises, and the high growth we saw through 2021 dissipates, downward pressure on prices may improve affordability.
"However, this is balanced with higher mortgage costs and wider economic headwinds that may continue to temper people's appetite for entering the market - as a buyer or seller," Baird said.
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| REINZ Median Selling Prices | |||
| Region | May 2022 | June 2022 | Change |
| Northland | $724,000 | $700,000 | -$24,000 |
| Auckland | $1,125,000 | $1,156,000 | $31,000 |
| Waikato | $805,000 | $840,000 | $35,000 |
| Bay of Plenty | $910,000 | $900,000 | -$10,000 |
| Gisborne | $665,000 | $620,000 | -$45,000 |
| Hawke's Bay | $735,000 | $690,000 | -$45,000 |
| Taranaki | $630,000 | $575,000 | -$55,000 |
| Manawatu/Whanganui | $603,000 | $575,000 | -$28,000 |
| Wellington | $900,000 | $848,000 | -$52,000 |
| Nelson/Marlborough/Tasman | $770,000 | $800,000 | $30,000 |
| West Coast | $395,000 | $295,000 | -$100,000 |
| Canterbury | $687,000 | $690,000 | $3,000 |
| Otago | $700,000 | $750,000 | $50,000 |
| Southland | $449,000 | $446,500 | -$2,500 |
| All of Aotearoa | $816,000 | $850,000 | $34,000 |
Median price - REINZ
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Volumes sold - REINZ
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