House sales rise as market stabilises

Monday, 17 March 2025

There were 6287 house sales nationwide in February, new Real Estate Institute figures show.

House sales and auction activity ramped up significantly last month, and it is a positive sign for the market, the Real Estate Institute says.

The market got off to a slow start this year, with subdued sales in December and January.

But there were 6287 sales nationwide in February, an increase of 59.5% from 3941 in January, according to the institute’s latest figures.

In all 16 of the regions monitored, sales were up by more than 30% from January.

On an annual basis, sales were up 3.4% from 6080 at the same time last year, while sales were up by more than 5% annually in nine of the 16 regions.

House sales in Taranaki were up 22.2% annually in February.

Taranaki and West Coast had the biggest increases in sales counts, up 22.2% and 20.6% respectively.

Of the main centres, Canterbury’s sales rose 10.6%, but Auckland and Wellington’s were down 1.8% and 9.6%.

Real Estate Institute acting chief executive Rowan Dixon said sales generally rose from January to February as the country transitioned out of the holiday period.

The exact shift became clearer once seasonal trends were accounted for, and when adjusted for seasonality sales were 12% higher than anticipated, he said.

“Activity is ramping up, attendance at open homes remains strong, and auction numbers are comparable to those in February 2024.

“These are encouraging signs for a positive and confident market ahead.”

But, at the same time, the national median price was down 2.4% annually to $772,000 in February from $791,000 at the same time last year.

The Wellington region’s median price was $795,000 in February.

Six out of the 16 regions had annual price increases, with West Coast and Southland recording the biggest increases, up 16.3% and 9.2% to $377,500 and $470,000.

In the Auckland and Wellington regions, prices dipped 0.5% to medians of $1.01 million and $795,000, but Canterbury prices inched up 0.3% to $707,000.

The institute’s house price index, which smooths out variations that come from sales figures, was up 1.4% from January, but down 1.2% on the same time last year. It was 10.6% below the 2021 market peak.

Dixon said despite the rise in sales, prices were lagging.

“A high number of listings can give buyers less urgency because if they miss out on one property, plenty of similar options are still available.”

The national median days to sell figure was up to 54 days in February, three more than at the same time last year.

Property listing company, Realestate.co.nz’s, data has shown that in recent months the number of homes for sale has been at the highest level in 10 years.

The number of homes for sale is at the highest level in 10 years, Realestate.co.nz says.

Now, the institute’s data puts national inventory levels in February up 10.2% from January and 13.6% annually to 29,478 nationwide ‒ although new listings were down 3.6% from last February.

In total, the data indicated growing stability in the market, Dixon said.

“Reports show a positive outlook with most vendors setting realistic prices and aligning to market conditions.”

The institute’s figures follow CoreLogic’s latest Home Value Index which suggested the market’s “mini downturn” has come to an end, with national house price growth up 0.3% in February.

It was the first meaningful price increase for more than a year, CoreLogic noted, but commentators have said while the market might be turning, any upturn would be more muted than in the past.