11 Mar 2009

More houses sell - but take longer to do so

2:48 pm on 11 March 2009

More houses sold in February - but the number of days they are on the market is lengthening.

The latest figures from the Real Estate Institute show that 5228 houses were sold in February, compared to a record low of 3706 in January.

It took an average 62 days for a property to sell, compared with 59 days in January.

The median house price improved, up $5000 in the month to $330,000, compared to $337,500 in February a year ago.

Institute president Mike Elford says the climb in sales is welcome but the industry has to be cautious in its optimism in what were difficult times.