House sale stats - prices now back to a year ago
Page 1 of 2 ...... Updated 2:55PM Wednesday June 11, 2008
Property prices are now where they were a year ago, with house prices falling in eight out of 12 districts in May, says the Real Estate Institute.
Latest figures released by the institute show that national median prices fell 1.42 per cent from a year ago at $345,000.
REINZ National President Murray Cleland described the market as 'treading water' and showing signs of levelling off from what had earlier looked like an unpleasant trend.
Sales fell from 4,464 in April to 4,373 in May, down 52.9 per cent on May last year. The sales downturn was most pronounced in the north of the country.
But one bank economist, the ASB's Nick Tuffley, say the figures point to prospects of further price falls.
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