Barfoot & Thompson sold less properties in October than it did in September but the average and median selling prices both increased.
The real estate agency, which is the largest in Auckland, sold 969 residential properties in October, down slightly from 986 in September, although it was still the most properties it has sold in the month of October since 2020.
The average selling price increased to $1,129,950 in October from $1,081,269 in September, (+4.5%), while the median selling price increased to $955,000 from $934,500 in September (+2.2%).
The increases in the average and median selling prices followed three consecutive months of declines.
However, the really big increase for the month was for the number of new listings received by the agency.
The 2361 new listings was the most Barfoot's has received in the month of October in at least 20 years and the highest number it has received in any month of the year since November 2021.
That pushed Barfoot's total stock of homes for sale at the end of October to 5611, which was up 22.9% compared to October last year and was at the highest level for the month of October since 2010.
"The arrival of spring, the reduction in mortgage interest rates and the fall in inflation created positive expectations and the Auckland market delivered," Barfoot & Thompson Managing Director Peter Thompson said.
"The increased confidence in the housing market attracted a record number of additional listings from vendors, which was supported by a solid number of new builds reaching the market.
"It is anticipated that the high number of available properties will act as a handbrake on prices rising quickly," Thompson said.
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