The housing market got off to a slow start to the year in January, with sales volumes and prices both lower compared to January last year.
The Real Estate Institute of New Zealand (REINZ) recorded 3837 residential sales across the country in January, down 5.4% from January last year.
In the Auckland Region sales were down 1.2%, and in the rest of the country excluding Auckland sales fell 6.6%.
The sales volume fall occurred as new listings increased by 1.3% in January, while the total stock of properties for sale was up 2.3%.
Prices were also softer, with the REINZ's House Price Index dropping 0.6% compared to December, to be down by 0.7% compared to January last year.
The HPI is now down 16.2% from its previous market peak.
The national median selling price was $753,106 in January, down 4.7% compared to December.
The Auckland median price was $950,000, down 5.9% compared to December.
On an annual basis the national median selling price was up 0.4% compared to January last year, although the trend was mixed around the country, with nine regions posting annual increases in median prices and seven posting declines.
"Interpreting the market over summer can be challenging, as activity between November and February often reflects seasonal patterns rather than fundamental shifts," REINZ Chief Executive Lizzy Ryley said.
"Once seasonal trends are taken into account, the data shows the January market held up well," she said.
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Volumes sold - REINZ
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Median price - REINZ
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