House prices up but sales levels concerning

The national median house price was $360,000 in December, up 1.4% from November, according to the Real Estate Institute of New Zealand (REINZ).

The volume of sales rose 15% from the same month of 2008 to 4,957, though sales slumped from the 6,056 houses sold in November.  

"It is concerning there was less than 5,000 residential properties sold in December," REINZ president Peter McDonald said in a statement.

"The sale time of 33 days is one of the shortest for the year, which goes to show those properties sold were well sought after."