House prices inch higher

HEADING UP: House prices increased slightly in February, rising by 0.4%.

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House prices nudged up slightly in February, rising by 0.4 per cent according to the Real Estate Institute's house price index.

However, prices were still down 1.2 per cent in the three months to February.

House prices were up 5.5 per cent in the past 12 months, but remain almost 5 per cent below their peak in late 2007.

The REINZ February figures also show house sales volumes in February rebounded from their lowest levels in 20 years seen in January. Sales of about 5000 homes in the month were around normal levels for February, REINZ said, and up from 3666 in January.

The national median price was $350,000.

Buyers remained cautious and the time to sell a home rose to 46 days.

The total value of sales in February was $2.1 billon, up from $1.5 billion in January.

- © Fairfax NZ News