House prices hit fresh high

After falling to $280,000 in July, the median selling price hit a new national record of $290,000 in August. This compared to $248,000 the same time last year.

The number of house sales also increased in August, to 8537, from 8213 in July.

REINZ's national president Howard Morley said sales of higher priced properties had driven the market.

Sales volumes of houses worth less than $400,000 were relatively flat at 6363 in August, compared with 6312 in July.

By contrast, house sales in the $400,000 to $599,000 price band increased from 1311 in July to 1506 in August, and sales in the $600,000 to $999,999 rose from 464 to 520. Million dollar-plus house sales increased from 127 to 148.

Of the 12 regions, seven recorded a rise in median prices in August compared to July, one was unchanged and four fell.

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