The housing market is having a disastrous summer with sales falling through the floor, prices on a slippery slope and a mountain of unsold properties sitting on the market. In the country's largest market, Auckland, sales were down 41.4% compared to February last year. As sales decline stock levels are ballooning, with the REINZ recording 29,083 residential properties for sale across the country at the end of February, up 5813 (+25%) compared to the same time last year. In Auckland the HPI was down 17.1% compared to a year ago. The graphs below show the regional trends in median prices and sales volumes since 1992.

Source: New Zealand Herald March 14, 2023 02:27 UTC