New Zealand's house prices increased sharply in April from a year ago, while the volume of sales plunged, the Real Estate Institute of New Zealand reported Friday.
The national median price index grew 10.4 percent year-over-year to NZ$540,000 in April. Month-on-month, median prices dropped 0.5 percent.
On a seasonally adjusted basis, national median prices increased 0.9 percent in April from a year ago.
In Auckland region, house prices climbed 3.0 percent annually in April, while it declined 5.6 percent from the prior month.
At the same time, the volume of home sales slumped 31.0 percent yearly in April. On a seasonally adjusted basis, the number of sales fell 9 percent from March to April.
"The data for April shows that the market is reasonably stable, despite the impact of a number of factors on activity right across New Zealand. These include severe weather in April - one of the wettest on record - and the combination of Easter, plus school holidays and ANZAC Day," REINZ CEO Bindi Norwell, said.
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