The number of homes sold in August was down compared to the same time last year in every region of the country, something that has only occurred three times in the last seven years, according to the REINZ. "Overall, the number of properties sold across the country fell by 20% during August, a reduction of 1472 properties when compared to the same time last year," REINZ said. The biggest reductions were in Southland -37.3%, Northland -29.4%, Taranaki -25.9%, Waikato -25% and Auckland -21.5%.
However, the REINZ's national median sale price rose slightly to $530,000 in August, up from $525,000 in July and up 8.2% compared to a year ago, but it was still below the peak of $542,500 seen in March. The median price is often skewed upward by fewer sales in the mid and low end of any market and a consistent volume selling at the higher end.
In Auckland the median price rose $10,000 to $840,000 yet was still down from its peak of $905,000 in March and below the August 2016 median of $850,000, suggesting that prices may have flattened out.
