WELLINGTON, Nov. 13 (Xinhua) -- New Zealand's property sales fell 23.5 percent year on year in October, with the usual seasonal increase in sales failing to emerge amid cautious buyer and seller sentiment, industry data showed on Friday.
A total of 5,840 properties were sold nationwide during the month, down 2 percent from September and 10.3 percent after seasonal adjustment, according to data released by the Real Estate Institute of New Zealand (REINZ).
The national median price was 763,000 New Zealand dollars (about 422,824 U.S. dollars) in October, down 3.4 percent from a year earlier, while the median time to sell increased by two days to 43 days, the data showed.
REINZ CEO Lizzy Ryley said greater housing choice was allowing buyers to assess their options carefully, while some vendors and buyers were taking a measured approach ahead of the general election on Nov. 7.
National housing inventory rose 11.4 percent year on year to 37,433 properties, its highest October level since 2014, while new listings fell 4.5 percent year on year to 11,660, the institute said.
Ryley said the market was generally expected to remain steady in the near term, with some buyers and sellers potentially waiting for greater political clarity. ■
