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New Zealand home sales declined sharply in February, data published by the Real Estate Institute of New Zealand showed on Monday.
The number of residential property sales decreased 32.8 percent in February from the last year. Sales totaled 5,597 units.
On a seasonally adjusted basis, sales were down 3.2 percent from January, indicating this was a marginally weaker February than is typical, REINZ said.
The sales count for New Zealand excluding Auckland, fell 28.8 percent annually, the lowest sales count in a February month since 2011. All regions saw an annual decrease in numbers of sales.
While prices continue to increase, albeit at a more moderate pace, sales activity is down and with more property on the market, the supply and demand scale is tipping, Jen Baird, chief executive at REINZ, said.
“Market sentiment has shifted and with pressure to buy easing, we are seeing less competition, less urgency and fewer sales,” Baird added.
Further, data showed that the number of properties available for sale nationally increased 47.0 percent to 23,270 units.
Property prices across New Zealand grew 13.5 percent annually to NZ$885,000 in February.
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