House sales ease in April, prices dip

File photo / NZ Herald

House sales eased in April, but are up from a year ago in almost every region in the country, latest figures show.

Unconditional sales for April were 13.8 per cent higher than this time last year, to a total of 5,676, according to Real Estate Institute of New Zealand (REINZ) figures out today.

All regions apart from Taranaki and Wellington recorded increases in sales volume compared to April 2011. Hawkes Bay and Northland saw jumps of more than 30 per cent.

Volume in April fell by almost 23 per cent compared to March, but REINZ chief executive Helen O'Sullivan said that was a normal pattern for this time of year. On a seasonally adjusted basis the national sales volume was down 4.1 per cent.

"Activity levels in the real estate market have eased slightly after a strong March," O'Sullivan said.

The REINZ Housing Price Index fell 0.3 per cent in April compared with March.

Apart from Central Otago Lakes, all regions recorded double digit falls in sales volume compared to last month.

After reaching a record high of $370,000 in March, the national median house price eased back by $5,000 to $365,000.

"While the national median price has pulled back from the record set last month the trend is still moving up, although not at a great pace," O'Sullivan said.

Hawkes Bay sale prices set a new record median for the region of $296,000 which O'Sullivan said was "indicative of some improvement in activity in the regions".

Activity mostly remains flat outside the markets of Auckland and Christchurch, she said.

Although Auckland recorded its highest number of transactions in an April month since 2007, with a total of 2,157 sales, this is far below April 2007's 2,843 sales.

The median days to sell increased over the month from 35 to 37 days. Over the past five years the median days to sell has averaged 41 days across New Zealand.

At 30 days, Canterbury/Westland recorded the shortest days to sell, with Auckland recording a median of 33 days.

The longest number of days to sell was 59 in Central Otago Lakes, followed by Waikato/Bay of Plenty and Manawatu/Wanganui, both at 55 days.

There were 739 homes sold by auction in April, which represented 13 per cent of all sales, up from 555 in April 2011.

The total value of residential sales across the country, including sections, was $2.57 billion in April, compared to $3.35 billion in March, and $2.21 billion in April 2011.