New Zealand’s average house price held steady at $340,000 in July, the same as in June and identical to the price a year ago, in July 2008.

The number of properties sold was steady, with 6,014 sales in July compared to 6,040 in June.

July house sales are up 34 percent compared with the same time last year, although they are still 10 percent lower than July 2007.

REINZ president, Mike Elford, whose organisation publishes the data said:

“The market has certainly recovered well from the lows of mid-2008. You wouldn’t call it brilliant, but there are positive signs such as more listing stock. I think we’ll see some improvements with the seasonal adjustment going into the spring months.”

• House prices are now 3.4 percent lower than in November 2007, when New Zealand’s median house price peaked at $352,000.
• House prices are now at the same level as 12 months ago, when New Zealand’s median house price was also $340,000.
• The number of properties sold rose from 4,489 in July 2008 to 6,014 in July 2009.
• The average number of days to sell a house was 37, a significant improvement on the 56 days needed in July 2008.

On an annual basis, four of the country’s twelve regions saw a rise in prices and eight regions saw a fall in prices.

Annual New Zealand House Price Changes