House prices in New Zealand remain down despite sales increase
New data shows a slight recovery in New Zealand's housing market, with sales up 3.4% year-on-year. However, house prices remain down 1.2% compared to last year, despite some sellers expecting price increases due to falling interest rates. Sales activity varies by region, with Waikato, Bay of Plenty, and Taranaki seeing significant increases. New listings dropped to 11,363, while inventory levels rose by 13.6%. The median days to sell increased to 54, with some areas like Northland reaching 70 days. The Real Estate Institute noted that many vendors are adjusting their price expectations, but some still anticipate higher values. First-home buyers and investors are active in Auckland and Wellington, while some investors are selling due to local rate increases.