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REINZ house sales and prices, May 2021
The May REINZ report provided mixed signals about the strength of the New Zealand housing market. Sales fell for the third straight month, while prices continued to rise, albeit at a slightly slower monthly pace. The REINZ House Price Index rose by 1.8% in seasonally adjusted terms, following a 1.9% rise in April. That’s still a strong rate of increase, but it does represent a slowdown compared to recent history – in the six months to March, prices rose at an average pace of 2.8% per month. We estimate that seasonally adjusted sales fell by 6.6% in May. That puts them about 18% below the cycle peak reached in ... (full story)