11 Feb 2011

Record low house sales for January

10:02 pm on 11 February 2011

Monthly house sales in New Zealand hit an all-time low in January, new figures show.

The Real Estate Institute says just 3252 houses were sold - the lowest for any month since it began publishing records in 1992.

The previous low was 3666 houses sold in January last year.

The average number of days it took to sell a house jumped to its highest since February 2009.

The average time to sell increased from 39 days in December to 51 in January, while the median selling price fell.

Real Estate Institute chief executive Helen O'Sullivan says she expects house sales to lift over the next couple of months.