The national median days to sell hit 50 in August, the highest it has been in an August month since 2008, the Real Estate Institute of New Zealand (REINZ) says.
Meanwhile, the national inventory level surged 30% year-on-year in August, reaching 29,579 properties on the market. This was, however, down 977 from 30,556 in July.
REINZ says the national median price dropped $5,000 to $765,000 in August year-on-year, but rose $12,000 from $753,000 in July.
The total number of properties sold fell by 40 to 5,685 in August year-on-year, and by 307, or 5%, from July.
The REINZ's House Price Index, which is adjusted to account for changes in the mix of properties sold each month, weighed in at 3,563 in August, down 0.8% year-on-year, and unchanged from July. The HPI is 16.7% below the market peak reached in 2021.
In terms of the national median days to sell, it's the first time this has reached 50 since 2008 when it came in at 57. Interest.co.nz records show there've only been two other August months since 1992 when it has reached 50 or more.
At 50, it was up eight days from 42 in August 2023, and up one day since July.
'It would be an overstatement to say that we are at a turning point in the market'
"We continue to see an increase in the average number of properties listed. Although the inventory is down slightly compared to last month, the volume of properties for sale continues to provide a lot of choice for buyers," says REINZ Chief Executive Jen Baird.
"This month [August], we saw further signs of a change in market sentiment, with local agents reporting increased confidence in vendors and purchasers, the return of investors, and increased activity, particularly at open homes over the last two weeks of August. They attribute this change to the decline in interest rates. However, it would be an overstatement to say that we are at a turning point in the market - we merely have our indicators on. While there is a rise in optimism and confidence, we are hopeful that better times are still ahead," Baird says.
In Auckland the median price rose $10,000 to $960,000 in August from July, but was down $50,000 year-on-year. At 1,801, Auckland sales volumes were down four from 1,805 in July, and down 18 from 1,819 in August 2023. Median days to sell came in at 51 in Auckland, up 10 year-on-year, the highest in the city since 2001, and well above the 10-year average of 39.
REINZ says August standouts include Northland's 23% year-on-year increase in sales volumes to 173 sales, 13 regions recording an increase in new listings year-on-year, with Gisborne's increase at 69%, Marlborough's at 41% and Manawatu-Whanganui up 40%. Just six of 16 regions had a median price increase year-on-year, with Otago up 7% to $640,000, and the West Coast up 7% to $357,000.
Days to sell - REINZ
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*The map and table below come from the REINZ.
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