REINZ reported a 23.6% m/m drop in property sales in December which is down 39% on December 2021. The median price fell 12.2% annually to NZ$790k. The number of days to sell a property improved by one to 40 days but is still 11 days more than the same time in 2021. The REINZ house price index fell 13.7% annually. The housing market continues to correct and adjust to the 400bp of tightening so far this cycle but the pace has slowed. See report here.

NZ house price measures y/y%

Source: MNI - Market News/Refinitiv