November Report: Median House Prices Dip, Home Sales Volumes Rise – REINZ Data

Summary

  • Median house prices, when adjusted seasonally, reportedly decreased by 1.0% in November from October, reflecting a 2.0% fall from the previous year, as per REINZ data.
  • National home sales volumes, when seasonally adjusted, rose 0.8% from October, indicating an increase of 16.6% from November 2022.
  • REINZ Chief Executive, Jen Baird, acknowledged a continued trend of gradual improvement in property market activity following the election, coupled with more active months in the property cycle.

Real Estate Market Movements

The Real Estate Institute of New Zealand (REINZ) has revealed that median house prices, after seasonal adjustments, experienced a decline of 1.0% in November, compared to the previous month. Year-on-year analysis indicated a decrease of 2.0% from November 2022.

Home Sales Performance

On a positive note, seasonally adjusted figures showed a 0.8% rise in national home sales volumes from October. Moreover, this surge represented a substantial increase of 16.6% against November 2022.

Assessment by REINZ Chief Executive

REINZ walk the path of observing a gentle yet decisive enhancement in property market activity, as country strides past election period and into a phase of increased vigor in the real estate cycle, as stated by Jen Baird, the Chief Executive of REINZ.

Given these real estate market conditions, forex traders and investors may want to keep an eye on assets related to housing and property. The data suggests a potential impact on property stocks and related commodities, as fluctuations in the housing market often mirror wider economic trends.

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