1 Jul 2009

Real estate listings continue to fall

11:56 am on 1 July 2009

The number of houses listed on the market continues to fall. According to the latest real estate property report, it is now at an 18 month low.

The report from Internet property site, Realestate.co.nz, shows inventory levels are 37% lower than June last year, at 32 weeks.

The asking price is down 1% to an average of $403,107.

Chief executive Alistair Helm blames the economic climate for homeowners remaining cautious about moving on, over the colder weather, which has been a historical indicator.

He says the new trends are a stark contrast to those seen nine months ago, where sales slowed to a record low, and as a consequence inventory levels were up to 52 weeks.