New Zealand house prices and sales volume increased in June from a year ago, the Real Estate Institute of New Zealand said Friday.
The national median house price rose 11.0 percent year-over-year to $500,000 in June. However, on a monthly basis, house prices dropped 1.2 percent.
In Auckland alone, house prices grew 8.7 percent on year and went up 2.0 percent from the preceding month.
The home sales volume increased 6.0 percent in June from a year earlier, while it plunged 13.0 percent from May. On a seasonally adjusted basis, the number of sales fell 3 percent from May to June, indicating that sales were weaker than expected for this time of year.
"Although there is much discussion about the housing market and increasing new build supply, the fact remains that the vast majority of the supply comes from the sale of existing properties," REINZ spokesperson Bryan Thomson, said.
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