Property sales and prices down in July

July saw 4,928 unconditional sales for the month, up by 517 sales on July 2010 though 301 sales less than June 2011, "a slightly larger decline than the seasonal pattern expected for the time of year."

The national median house price was down 4.2%, falling $15,000 to $345,000, continuing the trend of moving between $340,000 and $365,000 each month evident since June 2009.

"The July results continue the trend of prices moving sideways with volumes on an annual basis continuing to recover," said REINZ spokesperson Philip Searle.

"The drop in volumes and the median price in July is not unexpected and reflects the fact that we are in the middle of winter. The lack of listings and vendors in the market is continuing to be an issue for agents with more and more regions reporting shortages of new stock and a lack of choice for buyers."