New Zealand's house prices increased in July from a year ago, while the volume of sales plunged, the Real Estate Institute of New Zealand reported Friday.
The national median house price index rose 3.4 percent year-over-year to NZ$501,000 in July. However, median prices dropped 2.3 percent, month-on-month.
On a seasonally adjusted basis, national median prices grew 3.3 percent in July from a year ago.
In Auckland region, house prices dropped 1.2 percent annually in July, while it fell 2.4 percent from the prior month.
Meanwhile, the volume of home sales tumbled 24.5 percent yearly in July. In Auckland alone, the number of sales plunged 30.6 percent.
"The number of sales across New Zealand has dropped significantly in comparison to the same time last year," Bindi Norwell, chief executive at REINZ, said.
"A key reason for this is that the two biggest hurdles to purchasing a house right now are access to finance as the banks continue to tighten their lending criteria and LVR restrictions."
"This creates an intimidating barrier to entry to the real estate market, particularly for those saving for their first home."
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