There was a slight drop in the average asking price of homes listed for sale on Realestate.co.nz in July and a reasonable jump in the number of homes being listed for sale.
The average asking price of homes newly listed for sale on the website in July was $526,344, down 1.3% compared to June's average asking price of $533,515, but up 10.6% compared to July last year.
The website gained 9676 new listings in July, which was up 10.6% compared with June and up 5.6% compared with July last year.
In Auckland where the housing market is under the greatest pressure, the average asking price was $779,912, down marginally from June's record asking price of $803,713 and up $97,096 (14%) compared to the July 2014 average price of $682,816.
There were 3649 new Auckland listings on the website in July, up 16% compared with June and up 20% compared with July last year. (See the chart below for the regional breakdown of new listings on the website in July).
Realestate.co.nz chief executive Brendon Skipper said demand for properties had remained strong over winter and houses weren't hanging around for long once they were listed for sale.
That was showing up in the record low level of inventory on the website, which is the total number of properties available for sale on it at any one time, expressed as the number of weeks it would take to sell that many homes at the current average rate of sale.
Skipper said Realestate.co.nz's inventory levels in July were at their lowest level since the company began collating inventory data in 2007.
In Auckland where demand for properties was greatest, there was just nine weeks of inventory on the website compared to the long term average of 25 weeks.
Realesate.co.nz had also undertaken research to determine what languages its users spoke and what countries they were searching from.
Skipper said the website recorded the default language settings of the devices that were used to search the website and about 5% of these were set to east Asian languages such as Chinese, Korean, Japanese and Thai, which was slightly up from 4% last year, while geo-location analysis showed that only 2.8% of searches made for Auckland properties originated from east Asian countries.
That suggested that almost half of the east Asian language speaking people who searched the site were doing so from within this country.
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