House sales in March bounced back from one of the worst months on record in real estate, the latest figures from the Real Estate Institute of New Zealand show.
Total sales for March jumped 42.9% month-on-month to 5877, suggesting the market slump may be turning a corner.
Every region, bar West Coast and Tasman, saw month-on-month lifts in their sales volumes, and two regions, Gisborne and Hawke's Bay, were up year-on-year.
The REINZ figures also showed a month-on-month lift of 1.3% ($10,000) in the nationwide median sale price to $775,000. The median sale price in West Coast and Southland for March was also up year-on-year, while Canterbury's median sale price was only $20,000 off where it was at the end of summer 2022.
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However, house prices in Auckland and Wellington remain challenged, with both regions suffering the biggest year-on-year drops ($199,400 and $187,000 respectively).
The median number of days to sell in March was down month-on-month in every region bar Gisborne and Marlborough, with the nationwide number dropping 15 days to 45 days.
REINZ chief executive Jen Baird said: “While we have seen activity pick up in March, this year’s summer season has been muted. Prices have eased as we can see, and properties are taking longer to sell. Buyers are taking their time, they are negotiating, and some are waiting to see if prices ease further.”
Baird said vendors who are “motivated to sell are meeting the market with more realistic expectations on time frame and price”.
“Those who need to sell are still selling,” she said.
