Houses sell well but prices take a drop

By ANNE GIBSON

More houses sold in the typically quiet month of January but prices fell slightly, according to the Real Estate Institute's latest sales information.

Sales volumes were well up on last year, with 6771 houses selling, compared to 4741 in January 2001.

But the national median house price dropped $3000, from $178,000 in December to $175,000 in January.

Institute president Rex Hadley said continued low interest rates and a competitive mortgage market were helping buoy the market.

"Market liquidity has improved, people are finding it much easier to transact residential property and are perhaps not as fixed in their pricing attitudes as they are in tighter economic times," he said.

The number of sales in Auckland for January was 2288, compared to 1450 sales in January last year. The median price was $245,000, compared to $240,000 previously.