The latest property data from the Real Estate Institute of New Zealand (REINZ) suggests that the real estate market is finding its feet again.

While national sales dipped slightly in August 2024, there’s a noticeable uptick in activity and optimism across several regions, including some close to home.

REINZ Chief Executive Jen Baird shared that August brought a sense of steadiness to the market.

"Despite a marginal 0.6% decrease in national median prices year-on-year, we're seeing prices hold steady, with a 1.3% increase month-on-month," said Baird.

This signals some stability after a period of uncertainty.

Nationally, the total number of properties sold dropped by just 0.7% compared to August 2023, with 40 fewer homes changing hands.

However, in Northland, sales surged by 22.7%, and Hawke’s Bay saw a 21.6% increase.

The Bay of Plenty also experienced a boost, with sales rising by 16.2%.

These regions are bucking the national trend, offering some hope for a potential turnaround.

Median prices across the country saw only a minor shift.

The national median dropped by 0.6%, from $770,000 to $765,000, though it rose by 1.3% month-on-month.

Some regions performed exceptionally well, with Otago leading the charge at a 6.7% increase, followed closely by the West Coast at 6.6%.

Interestingly, new listings are up across most regions, with Gisborne (+69.2%) and Marlborough (+40.8%) leading the way, while Northland and Nelson saw slight declines.

Baird also noted that a drop in interest rates has helped restore confidence among buyers and sellers.

“We’re seeing increased activity, particularly at open homes in the latter part of August, as local agents report more optimism from vendors and purchasers alike,” she explained.

Despite these positive signs, Baird cautions that it’s too soon to declare a turning point but acknowledges the growing sense of hope.

National inventory levels have risen significantly, up 30% from last year, with nearly 30,000 homes on the market.

However, properties are taking a little longer to sell, with the national median days to sell increasing from 42 to 50 days.

The overall sentiment from REINZ’s data points to a market that’s steadying itself, and although challenges remain, there’s reason for cautious optimism as we look towards the rest of the year.