House prices still rising - up again in August
11:15AM Monday Sep 14, 2009

House prices are continuing their recent upward trend, with the latest housing price index from the real estate industry showing a 1.2 per cent rise in August.

In the three months to August, housing prices were up by 1.6 per cent. Compared to 12 months earlier, the REINZ Housing Price Index has risen by by 2.6 per cent.

This means housing prices are now just 6.2 per cent below their peak of November 2007.

Prices in Auckland were up 4.4 per cent above August last year, with Wellington up 7.5 per cent. Prices fell in Christchurch, down 2.3 per cent.

The number of days it takes to sell a house has fallen, with the median dropping from 36.3 days to 33.4.

Sales for the month - seasonally adjusted - are down 1.9 per cent, but when compared with August last year are up nearly 40 per cent. Prices for the month are up 1.2 per cent, but when compared to last year, are up 2.6 per cent.

Real Estate Institute of NZ president Mike Elford said the noticeable increase in number and speed of turnover compared with a year ago was pleasing, but "it is early days yet, and we still need to be cautious in drawing conclusions from these trends".

More here.