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New Zealand house prices fall but activity up -REINZ

Lucy Craymer
·1 min read
FILE PHOTO: Residential houses can be seen along a road in a suburb of Auckland in New Zealand

By Lucy Craymer

WELLINGTON (Reuters) - New Zealand house prices fell in November, but more broadly sales activity is improving with more listings coming to market and houses selling more quickly, the Real Estate Institute of New Zealand (REINZ) said on Wednesday.

Seasonally adjusted median house prices fell 1.0% in November compared with October, and were down 2.0% from a year earlier, REINZ data showed.

Seasonally adjusted national home sales volumes rose 0.8% from October and were up from 16.6% from November 2022.

REINZ Chief Executive Jen Baird said in a statement that November continues the trend of slow and steady improvement in property market activity now that the country is past the election and heading into more active months in the property cycle.

(Reporting by Lucy Craymer; Editing by Leslie Adler)