NZ: House sales fell 17% in December – ANZ

Liz Kendall, senior economist at ANZ, suggests that they are estimating that New Zealand’s seasonally adjusted house sales fell 17% in December.

Key Quotes

“It has been a wild ride over the quarter, with house sales up 29% in October then falling 7% in November. On average, house sales were up 8% over the quarter. Prices ticked up 0.6% m/m to be up 1.2% q/q. Annual house price inflation continues to moderate, ticking down to 3.4% y/y (3mma) in December, down from 4.2% in September.”

“Markets tightness has slackened in recent months, with available listings on the rise. House prices are 1.2% lower than a year ago in Auckland and the market remains quiet, with days-to-sell below average and lengthening this month (to 41 days).”

“Outside of Auckland, prices have risen 7.8% over the past year and regional markets remain tight, though not as tight as they were. Days to sell are sitting at 37 days outside of Auckland, compared with 35 days seen mid-year.”