The average house price in New Zealand was unchanged at $345,000 in May, the same as in April.

The number of houses sold in May was by far the lowest for at least 10 years and was less than half the number sold at the same time last year.

REINZ President Mr Murray Cleland commented: “It may well be that sales settle at this level over the next few months, until the Reserve Bank takes the pressure off interest rates, but the latest figure gives some comfort in terms of values, especially in the face of some of the more extreme predictions.”

Mr Cleland said that while the national median was unchanged, most districts experienced a drop in median prices. Compared to a year before, regions such as Auckland, Waikato/Bay of Plenty, Manawatu and Wanganui, Taranaki, Wellington, Canterbury/Westland, Otago and Southland had experienced either gains or relatively small falls in median prices over the last year.

• House prices are 1.4 percent lower than a year ago, when New Zealand’s median house price was $350,000.
• Sales of properties fell from 9,285 in May 2007 to 4,373 in May 2008. This was the lowest number of sales in May since at least 1999.
• The average number of days to sell a house was 49, the highest in May since 2001.

Compared with prices in April, seven out of New Zealand’s twelve regions reported price rises in April, and five reported falls.

On an annual basis, six of the twelve regions saw an increase in prices, five reported falls and one region recorded no change.

Annual New Zealand House Price Changes