New Zealand Median House Price Falls to $763k, Sales Take Longer According to Reinz Report

New Zealand's median house price has dropped 0.9% to $763,000 in May, according to the Real Estate Institute of New Zealand (Reinz). The House Price Index showed a year-on-year increase of 0.1% and a month-on-month decrease of 0.6%. Sales are taking longer, with the median house price continuing to decline despite a slight increase in the House Price Index.

New Zealand's median house price dropped 0.9% to $763,000 in May, according to the Real Estate Institute of New Zealand (REINZ). This decline was observed despite a slight increase in the number of houses sold during the month. The House Price Index (HPI) showed a year-on-year increase of 0.1% and a month-on-month decrease of 0.6%.

The REINZ reported that seasonally adjusted median house prices fell 0.9% from April and were also down 0.9% year-on-year. This indicates a broader trend of softening in the New Zealand housing market. Excluding Auckland, the largest city, house prices remained unchanged from May 2025 on a seasonally adjusted basis.

REINZ attributed the stability in interest rates as a factor encouraging more buyers to enter the market. However, the level of confidence varied by region, suggesting a nuanced market response. The median house price continued to decline despite the increase in sales, indicating a longer sales process.

This trend underscores the ongoing challenges in the New Zealand housing market, where prices are adjusting to market conditions and buyer sentiment. Investors and financial professionals should monitor these developments closely for potential implications on the broader economy.

References:
[1] https://www.marketscreener.com/news/latest/New-Zealand-house-prices-edge-lower-in-May-as-market-remains-soft-50254957/
[2] https://www.tradingview.com/news/reuters.com,2025:newsml_P8N3KZ0H1:0-new-zealand-house-prices-edge-lower-in-may-as-market-remains-soft/