14 Dec 2009

Housing market stabilising - REINZ

12:33 pm on 14 December 2009

The Real Estate Institute says it appears the housing market in New Zealand has stabilised following record high prices in October.

The national median house price remained at $355,000 in November, an increase of 5.2% on the same period last year, according to the institute's figures.

The median price rose in nine of 12 districts, with Auckland recording the biggest gain of 10.6%.

The largest drops were 7.2% in Central Otago Lakes and 6% in Hawke's Bay.

The institute says the number of houses sold was also up on a year ago, at 6056.