House sales slow again
A property data company says it's recorded seven consecutive months in which fewer homes sold than the year before.
House sales have slowed again as buyers continue to hold the upper hand in the market, according to Cotality. Sales dropped 6.4 percent year-on-year in July to 6,935, marking a new record for first-home buyers who accounted for 29 percent of those sales. Cotality chief economist Kelvin Davidson attributes the decline in sales to buyer caution, as they know they can find similar properties down the road due to the high number of listings.
With 27,336 properties currently on the market, down from 27,602 last year, the market remains active, especially for first-home buyers. Despite the slowdown, the 12-month running total has eased to 89,385, which is still relatively favorable compared to long-term context. Mortgage rates are gradually increasing, adding to the cautious economic environment with high unemployment rates and a wealth of listings.
Written by urgent.news from RNZ Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
