NZ house sales drop 10% in July as supply continues to dwindle

Tue, 09 Aug 2016

By Paul McBeth Aug. 10 (BusinessDesk) - The volume of houses sold last month dropped 10 percent from a year earlier as the number of properties on the market continued to shrink, according to the Real Estate Institute of New Zealand. There were 7,299 sales in July, 10 percent lower than the same month a year earlier, and down a seasonally adjusted 3.6 percent in the month. Inventory shrank by a third, though steady demand meant prices continued to rise in the month, with the median sale price of $505,000 up 8.6 percent from a year earlie...

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