13 Sep 2011

House sales rise

8:16 pm on 13 September 2011

New real estate market figures show a surge in house sales in August, and a slight rise in property values nationwide.

Data from the Real Estate Institute and Quotable Value out on Tuesday also show that it is taking less time for homeowners to sell.

Figures from the institute show 5192 unconditional sales in August, 905 more than for the same time last year.

The institute says those volumes are slightly stronger than usual for this time of year.

The national median house price in August rose to $355,000, an increase of $5000 on August 2010.

The number of days taken to sell a house has also improved, from 43 days in August last year to 39 days, last month.

Meanwhile, Quotable Value figures continue to show property values inching up nationwide, rising just 0.1% compared with a year ago.

ASB Bank economist Jane Turner says tight supply in the housing market will cause prices to rise.